What does the term Leasehold Property mean?
When a piece of property is given or leased to an individual (known as the Lessee ) for a stipulated period of time, by the owner of the property (known as the Lessor ), the property is referred to as Leasehold Property. A certain amount is fixed by the Lessor to be paid as lease premium and annual lease. The land ownership rights remain with the Lessor. Transfer of property requires prior permission.
When a piece of property is given or leased to an individual (known as the Lessee) for a stipulated period of time, by the owner of the property (known as the Lessor), the property is referred to as Leasehold Property. A certain amount is fixed by the Lessor to be paid as lease premium and annual lease. The land ownership rights remain with the Lessor. Transfer of property requires prior permission.
When a piece of property is given or leased’ to an individual (known as the Lessee’) for a stipulated period of time, by the owner of the property (known as the Lessor’), the property is referred to as Leasehold Property. A certain amount is fixed by the Lessor to be paid as lease premium and annual lease. The land ownership rights remain with the Lessor. Transfer of property requires prior permission. • What does the term Freehold Property’ mean? When ownership rights for a piece of property are given to the purchaser for a price, that property is referred to as Freehold Property. Unlike in the case of leasehold property, no annual lease charges need to be paid and the freehold property can be registered and / or transferred in part(s). • Are there any benefits in converting a leasehold property to a freehold one? There are several benefits: if you convert the property to a freehold property, you become a full-fledged owner by getting the sale deed and having it registered. A freehold
When a piece of property is given or leased’ to an individual (known as the Lessee’) for a stipulated period of time, by the owner of the property (known as the Lessor’), the property is referred to as Leasehold Property. A certain amount is fixed by the Lessor to be paid as lease premium and annual lease. The land ownership rights remain with the Lessor. Transfer of property requires prior permission.
