I’m just looking at a property that is leasehold – any dangers I should be aware of?
aaa
Sorry just testing before.[^]
What part of the property is leasehold?
I am assuming it is the land not the building that is lease hold.
This means you do not own the land you lease/rent it.
A lease may be for 99 years or more.When the 99 years is up and the owner wont renew the lease you will need to call in the house
removers and move your building off their land.G’day…
Leasehold is for a given term…Canberra 99 years.
Despite the concerns it was put in place to stop Land Speculation. Tht meant that you had to commence building within a certain time frame.If it was Freehold… you could do as you like.
You would need to check the term of the lease..example… parts of Canberra only have 10 years left… maybe rural or Commercial. Older suburbs may only have 20 years left of a 99 year lease.
Another example is the Soldiers Settlers Blocks… 1,000 acres issued after WW2… not freehold but Lease in perpetuity… meant restrictions…if you don’t “clear” the land you lose it… Greenies would have a field day today.
For what it’s worth… there is Freehold land in Canberra…. that strip of land dividing Northbourne Ave on your way into Canberra… now you know.
Cheers
Bill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]Thanks guys – that gives me some ideas. I have not yet looked at the fine print about the lease hold, but now I’m not totally in the dark [8D]
You must be logged in to reply to this topic. If you don't have an account, you can register here.
