Not many people who are looking around for rentals are aware of the free hold or lease hold options. This article provides you with in depth idea of owning a property. When purchasing Sobha International City property, look into the following facts. It will offer you with understanding of lease hold and free hold options.
Free hold property
Free hold is a type of outright ownership. This also offers you with convenience of holding land on which the property is built. In case of free hold you are responsible for taking care of maintenance of the property. It is an important factor as you need to look into your budget. In most cases houses are rented for freehold.
When speaking of freehold, you may not have to worry about:-
- Termination of the lease contract as the property belongs to you. You may never have to deal with landlord till you are owing it.
- You are also not expected to pay the ground rent or any other charges incurred by the landlord.
Having free hold share
You can purchase your share from the land owner along with the total number of people who live there. This is valid for you till half of the people living there agree to this terms and conditions. This will also offer you with complete control of the premises. You can also stay in the same property for over 999 years.
Getting hold of free hold may be a little bit more expensive as you will be the owner of the property.
Lease hold option
This means that you are the owner of the land till the agreement is valid. If you rent a property at Sobha international city you have to sign up a leasehold ownership. The moment your ownership lease ends you will have to renew it again. In most countries the apartment are given as lease hold.
Benefits of buying lease hold
The moment you select to buy lease hold contract, the ownership of the premises is simply transferred in your name from the previous owners name. You need to consider a number of things before entering leasehold contract.
You have to see the number f years you can lease the property and your budget factor. You may have to pay rentals and other related service charges. You may never get a mortgage loan for lease ownership.
Importance of tenure period
In general, short term lease are not offered with mortgage loans benefits. Most lenders may only enter into lease contract for short term. You are also not allowed to sell the property as your lease after the contract ends will be transferred to other ownership.
Extending lease ownership
For any rentals it is possible to extend the number of lease years. Once the contract is terminated you will have to enter into another contract. It will be renewed depending on your past payment records. If you have paid the rentals on time then your owner will allow the contract to extend for another few years. most dlf Magnolais Gurgaon agents will offer you to enter lease contract for rental properties.