In the matter of home ownership, leasing and rentals, there can be many ambiguous details and blurred spots that people do not fully grasp. This fact, together with recent issues arising from changes of laws and rules governing the residential areas developing schemes, has called on many individuals to seek leasehold advice. Having said that, it is important to realize that as much as some details need more explanation and clarity, there are fundamentals that everyone agrees upon and are not up for debate in any case.Limitations to Leaseholders
What needs to be clear to every leaseholder is that it has been established that leasehold contracts gives them the right, under contact circumstances, to occupy and use the property during the lease time period ‘owned’ The ownership is then understood to be of the time, or term, of contract, it is by no means actual ownership of the property or land.
The above terms relate to any form of housing, fully leased stand alone house or a flat in a building or residential complex, both remain under the same terms of lease.Obligations on a Freeholder
It is also established and agreed upon that the freeholder is the person or entity in full ownership of the property and land it is on, regardless of leasehold time period or price. This in turn means that they must act as owners by servicing all common grounds of the property, housing structure, exterior work, and general maintenance of the property.Middle Ground Situations
Although not a perfectly recognized legal term, it is important that you know there are some middle ground situations that do not always mean extra rights. This is, understandably, a major incentive to seek leasehold advice, on your specific case, from an expert on the matter to make sure you are on the right track.
One example of such situations is when a leaseholder buys into a share of freehold from the developer or landlord. This doesn’t change the status of the original contract, the original leaseholder still needs to hold their end of the deal paying rent and services, while the original freeholder still revamps and up keeps the property for the course of the contract even if some expenses are shared due to the buy-in.