Freehold property is one, where the residents own the building along with the land in perpetuity. As its name suggests, a property on a freehold is free from the hold. The sale of freehold is comparatively simpler.
- Benefits of a freehold property:
A freehold provides you with complete freedom. No further payments are required when have paid for your land. These extra payments may be in the form of service charges, ground rents, and other types of charges that are applicable on a leasehold property. A freehold property has no restrictions regarding visitors and time. This, the owner can do whatever he wants to do in the allotted area. If you also want to live with the unlimited benefits of a freehold condo, then you can choose the Ambersea freehold condo as your residence. It is an extremely beautiful residence structured in district 27 near Amber Sea.
- Rights of the owner of a freehold
If the property can be inherited then there is no such restriction to transfer the property. It can easily be transferred by registration of a sale deed as there’s. No encumbered title of the property. Nowadays, freehold condos are being built by reputed developers to accommodate the desires of a residence.
- Home loan for a freehold condo-
Though freehold properties are more expensive than leasehold ones, they also add on several benefits of ownership. Don’t worry if you don’t have a stock of cash in your hand, you will get an easy loan for your property.
Loans for freehold property are easier than loans for leasehold, as it is considered a safer environment. The registration of the property is done and is expected to increase in their value. Moreover, the banks are also available interestingly to provide a loan for a freehold property with a higher market value. High market value means that the loan to value ratio can be 80% of the market value of freehold property.
Can leasehold be converted into a freehold property? The answer is yes, it can be done through a clear sale deed, a no-objection certificate, and a general power of attorney. Additionally, there would be a conversion fee also, to the relevant authorities. Convert your dream into reality and get in the fully sumptuous Amber Sea freehold condo without worrying about your finances.
- What is better a freehold or leasehold?
Most buyers prefer to buy a freehold condo as the prices do increase more steadily as compared to leasehold properties. Furthermore, it’s easier to get mortgages for a freehold. If you have invested in a leasehold property then the ownership will remain in the hand of the owner.
- Why freehold property does not depreciate?
The freehold land does not depreciate as the hand does have an unlimited useful life. Other long-life assets such as buildings, land improvements, equipment have limited useful lives. The owner of a leasehold asset cannot sell the property, there is no depreciation factored in a leasehold property.