Distinguish, differentiate, compare and explain what is the Difference between Leasehold and Freehold Property. Comparison and Differences.
Difference between Leasehold and Freehold Property
1. Lease duration is usually 30, 60, 99 or 999 years. Duration for Freehold properties is limited by town planning authorities.
2. In Leasehold property, Lease transfers require State or its equivalent’s approval. In Freehold property ,there are few limitations on transfer of property.
3. In Leasehold property, you just have a lease from the freeholder or the landlord to use the home/property for ‘N’ number of years. In Freehold property, yu own the building and the land it stands on outright, in perpetuity.