Difference between Freehold & Leasehold Property
You are now about to buy a home of your own and have started looking at properties. Freehold and leasehold are two terms that you often hear when you venture into real estate. It may seem like legal jargon to you but it’s important to know if the luxury apartment in Kerala you are to buy is freehold or leasehold. You should also be aware if there are any legalities associated with them. Land ownership and control are the two main factors that differentiate freehold and leasehold properties. As an owner, you have the absolute control to do what you wish with your home, assuming that you keep within the local planning rules. But in the case of a leasehold property, the ownership is given by the government for a tenure of 99 years. The leasehold can be extended to as high as 999 years for a price only if the owner, which is the State in most of the cases, wishes to extend the lease. The no. 1 real estate portal in Kerala, luxurykeralaflats.com tries to shed some li