Meaning of a freehold property is a property that is legally ‘free from hold’ of any entity other than the owner. The owner of such a freehold property has the right to use it for any purpose, in accordance with the regulations of where the freehold is located.
As the name suggests, freehold property signifies complete freedom. Thus, the owner of the property has complete control over the freehold premises and has no further obligation to make. A freehold also has no restriction regarding time, visitors and the like. Thus, the owner can do whatever he legally wishes to within his property, without being answerable to anybody else.
The only disadvantage of freehold properties is that they are more expensive. Since an individual owns both, the land and the property, to have complete control over it, the cost incurred on it increases.
Freehold properties have always been the preferred choice of many as it belongs to you in perpetuity. This is opposed to a Leasehold in which the property reverts to the owner of the land after the lease period has expired.
Owning a freehold means owning the building and the land it stands on outright, in perpetuity. It is your name in the land registry.
Freehold is pretty much always the preferred option: you can’t really go wrong with it.
A freehold estate could be transferable to the owner’s “heirs and assignees.
• You won’t have to pay annual rent
• You don’t have a freeholder either failing to maintain the building, or charging huge amounts for it
• You have responsibility for maintaining the component of the building – the roof and the outside walls