Apartments Sale London

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The English real estate is differs significantly compared to the Italian or Spanish real estate sector both in terms of legislation and in terms of taxation. One of the main questions and ‘the difference between Freehold and Leasehold, a concept that in comparison to the Italian or Spanish legislation may’ be associated with the definition of bare property ‘(owner of the property but not be able to enjoy the same) and usufruct (right to enjoy of property owned by others, and the related income arising from this).
In order to understand this distinction we look at a building and take a holistic owned “Sky-Land.”

– Freehold and ‘perpetual right of ownership’ of land, real estate and so on rises in the air space above the earth. The Freehold and ‘bare ownership’ of land and property, but does not coincide with the possession of the latter, which are granted with the freeholder from Leasehold to third parties. The freeholder and ‘Property owner of the land and can’ freely dispose of the properties’ on the same site.

– Leasehold: and ‘the right to the enjoyment of the property for a defined period of time established by the contract of lease with the freeholder, after which the property must be returned to the same Freeholder. This right and ‘similar to the right of usufruct, as the leaseholder has the possession and the fruits resulting from that property for the duration of the contract Leasehold. With the contract Leasehold is simultaneously granted leased the land in the face of annual expenditure (Ground Rent).

– Share of Freehold: The leaseholder as well as having the Leasehold has the asset ‘of a share of Freehold. The share of Freehold and ‘associated to an action which is not’ transferable but individually and ‘always connected with the single apartment.

– Ground rent: ‘the annual cost to the leaseholder that pay Freeholder for the rent of the land on which stands the asset of which has the Leasehold

– Service Charge: Are service and ordinary maintenance of the property. These charges may be annual or biannual. In the case the property is rented by a tenant, the service charge is ‘always paid by the leaseholder.

Note
The relations between the leaseholder and Freeholder are defined by the first part of the Act of 1954 and subsequent updates.
The lease contract establishes the rights and obligations between the Freeholder and the leaseholder, the contract and ‘a free contract, which must comply with what is regulated by law, and’ granted but ‘to insert additional clauses that don’t go against the rules.
The leaseholder is entitled to request an extension of their lease at the Freeholder who is obliged to give, but that concession’ has a cost which varies according to the remaining years of the lease. Generally Lease are extend before the end of the 80 years since broken that threshold, the cost of renewing the lease can ‘be of significant costs.
The Freeholder will be ‘responsible for the maintenance of the common parts. This task can ‘also be run by the Leaseholder.

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