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Types of Property
In English law there are now only two types of legal title
- freeholds and leaseholds.
Freeholds
A freehold is the equivalent of outright ownership. Broadly,
you can do what you like with a freehold property subject
to compliance with planning law, restrictive covenants and
reserved rights. Our planning specialists can advise on possible
development and changes of use.
Leaseholds
A leasehold interest lasts only for a specific period of years;
flats are usually held on leasehold. The lease establishes
the length of the term, the rent payable and the rights and
obligations of landlord and tenant to each other.
We will advise on the detailed terms and covenants of the
lease, including landlord's and tenant's repairing and decorating
obligations; restrictions on user, assignment and sub-letting;
the landlord's management and service obligations; insurance
obligations; service charges and other relevant provisions
and also on a tenant's rights when the lease runs out.
Title
Whether freehold or leasehold, your ownership of the property
may be either registered or unregistered. A registered title
is one recorded at the Government's Land Registry and summarised
in a Land Certificate. Unregistered title to property is evidenced
by title deeds alone. Unregistered titles must now be registered
once a purchase has been completed.
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