I own my house, my daughter buys the upper floor and has an extension made. I own the house, why does it have to have a lease instead of buying as a freehold? My partner and I own a rented apartment with a garden. It is clearly stated on our rental agreement. We are going through the laws of scale to condominiums with our two neighbors. There is a small plot located on the other side of a fence at the top of our garden and accessed by a side road. Our neighbours next door have been using this land brazenly for several years. Now that we are applying for land ownership, it turned out that the ground floor apartment of our building has this land on its lease. My question is: if the property passes, will we lose part of our garden to give way to this neighbor? Currently, the garden is on our lease for our sole use, and there is no right of way. We have said that a lease right is a temporary right to occupy property, although this “temporary” right can last for many decades. It is this temporary nature that distinguishes between rental interests and co-ownership interests, since a share of ownership is permanent. My sister and I have lived in the same house for 35 years, divided into 2 separate duplexes, and our mortgages are paid. However, our father, who died 4 years ago, was the free owner.
So our mother became a free owner. We don`t want to have a separate freeholder and we want to own the freehold ourselves. Our mother agrees. Can you advise us on what would be the best option, e.B. “Tenants in common” etc.? As a tenant, you have rights that prevent the landlord from taking advantage of you financially. If you own the property, it means that you own the building and the land on which it is located forever. It is your name in the land register as the “free owner” who has the “absolute title”. Full ownership is pretty much always the preferred option: you can`t really go wrong. I own the property for the whole building and I live in the apartment on the first floor and the tenant lives in the ground floor apartment below. Unfortunately, we had a strained relationship from day 1. If you and the free landlord cannot agree on the cost of renewing the lease, you can appeal to the Rental Valuation Tribunal. Hello – I live in a condominium in a small development of 56 houses.
Leasehold apartments were given the right to manage in 2012, but we are all still linked to a terrible management company that has appointed itself as an administrative agent (nb that they do not actually manage anything). The cost has almost doubled in 7 years and we now pay over £300 a year each for a small piece of grass that needs to be mowed and 9 faulty terminals. Is it even that we can replace this general manager/ company? Is there industry regulation for free holders? If not, there must be, because there are 100 of these companies that demand money for nothing and are paid by threatening hard-working people with lawsuits. Thanks in advance for all instructions. Emma You can also sell your hereditary building right to another person without the permission or participation of the owner. The more time left for the lease, the more valuable it is. What`s the point of buying a hereditary leased apartment, getting a mortgage, paying almost twice the value of the property to the bank, paying maintenance and other fees to the free owner, being restricted, having something to do with your apartment, not having permission to keep pets, etc. and in fact NOT REALLY OWE THE PROPERTY, for which you have paid, because it will return to the free owner in 90 years. You pay a mortgage all your life, you don`t take a nice vacation or buy a nice car because you have to pay your mortgage and you can`t afford luxury in your life and you can`t even pass on the property to yourself because the hereditary building right expires when they are 40-50 years old. What`s the point of buying a property in this strange country??? Leased land is land leased by the State concerned (as a crown) to a person or company; however, all mineral rights are reserved to the Crown. There are different types of hereditary building rights from state to state.
[1] Pastoral leases cover about 44% of the Australian continent, mainly in arid and semi-arid regions and tropical savannas. [2] It may be necessary to line the floors. .