You may think it is like a technical legal language; however, there some things more significant about your owning a condo than whether it’s freehold or leasehold. It does make a difference between owning it outright and having a landlady or landlord.
If you own a freehold property, this means that you own it indefinitely, in perpetuity. In the land registry, it is your name that is recorded there as “freeholder.” You own the “title absolute” and you will not truly go wrong with it.
Freehold Or Leasehold Development in Geylang
The perks are that (1) you do not have to pay yearly ground rent, and (2) whole houses are usually sold freehold – although there’s an expanding trend for leasehold properties. With freehold, you do not have a freeholder to maintain the property or charge some fees for it. So you are solely responsible for maintaining every fabric of your property like the roof or the outside walls and others.
This means that you merely have a lease from a landlord/landlady, technically called freeholder, to use the property for a specific or given period of time. For a 99-year leasehold property, it returns to the state upon its expiry. Rezi 35 Freehold Development is located right next to 20 Lorong 35 Geylang and is of freehold tenure. It is by Development 35 which is from Tee Land and KSH Holdings.
Advantage of Freehold Rezi 35 Geylang
With leasehold, (1) the landlord/landlady has a contract with the tenant, which sets down either side’s legal responsibilities and rights, (2) leaseholders have to pay their share of the property’s insurance and yearly service charges, as well as the maintenance fees, (3) tenants usually pay a yearly ground rent to the owner, (4) tenants have to get permission for any big works to be applied to the property, (5) tenants may face some restrictions like subletting and not owning pets, (6) landlords/landladies are usually responsible for the maintenance of the building’s commons parts like the staircase, entrance hall, the exterior walls and the roof, but tenants may claim the right to manage, and (7) if leaseholders do not fulfill their end of the terms of the lease, then the contract can be forfeited.
Rezi 35 KSH Holdings and Tee Land
As a rule, the main sale price of a freehold property has the tendency to be higher by 10% to 15% than a leasehold property even when they are in the same area.
Nonetheless, in any case, there are provisions whether freehold or leasehold that let the government to recover the land for security purposes or important infrastructure. If your property happens to be in the way of a major highway or en-block redevelopment, it will not be saved even if it is freehold.