Key differences between freehold and leasehold property

Whether to buy a freehold and leasehold property could be confusing if you don’t know what makes them different. Here are the crucial differences between the two types of property:

Freehold property:

A type of property or estate you buy which is free from the hold of any entity other than its owner is called as a freehold property. The owner enjoys complete ownership of the property and can use it for any purpose as per his will – to sell, transfer or renovate, but all under the local regulations. On selling the property, it is free from any legal or government consent and has only less paperwork attached to it. Also, these are more expensive than leasehold property.

Leasehold property:

Here, the ownership of the land is leased for a certain time period to the developer who owns the property. The future of such properties is a bit uncertain upon the expiry of lease period and somehow, the property’s future depends upon the amount paid by the society to renew the contract. The buyer must avail loan from banks to buy a leasehold property.

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