Kindly guide about freehold property.
With thanks.
Farhan Sb.
There are generally three types of properties:
Freehold
Common hold
Lease hold
Freehold: Among all, freehold is the best one. Outside your base country, usually there is 99 years ownerships rights which can/cannot be extended for another 99 years. Different countries have somewhat different next to kin ownership but usually legal spouse is allowed after principle owner death.
Common Hold; This is common ownership and you are owner of a part of whole property. If , for example in the case of a plaza, there is a natural calamity and building gets down on fire or any other reason, you have to re-buy your property on specific pre-agreed terms.
Lease hold: Distinct from full ownership, only a pre-defined period , you buy on “how much ownership time is left”. May be 50 years or may just months. You need to see the lease tenure before buying the property!