Differences Between a Leasehold & Freehold Property
It is common for those contemplating to buy a property to be overwhelmed by the thought of having to undergo a plethora of formalities, legal terms, and procedures. Amongst most common terms are terms such as “freehold” or “leasehold” that might make you ponder over what exactly they mean. Whether one should be aware of them while purchasing a property is another source of concern. Let us contemplate over the tenure and implication of each in detail. Freehold Property Talking about the “interest in the land” aspect, a freehold property shall definitely suffice your requirements. As an owner of the freeholder property, you not only own the bricks and the mortar but also the land on which it is standing. In clear terms, you get an outright ownership and the land registry is on your name when you buy a 1 BHK flat in Mumbai as a freeholder. A freehold property has numerous benefits in store and is hence the most preferred option. Not having to deal with landlords is one of them. T...