freehold


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Freehold

A life estate, an interest in land the duration of which is restricted to the life or lives of a particular person or persons holding it, or an estate in fee, an interest in property that is unconditional and represents the broadest ownership interest recognized by law.

In order to be categorized as a freehold, an estate must possess the characteristics of (1) immobility—in the sense that the property must be either land, or some interest derived from or affixed to land—and (2) indeterminate duration.

Determinable freeholds are life estates created by language that provides that the estate is to terminate automatically upon the occurrence of a specified event.

freehold

n. any interest in real property which is a life estate or of uncertain or undetermined duration (having no stated end), as distinguished from a leasehold which may have declining value toward the end of a long-term lease (such as the 99-year variety). (See: leasehold)

freehold

originally an estate of free tenure. Nowadays the term is used to denote a legal estate in FEE SIMPLE ABSOLUTE IN POSSESSION, the most complete form of ownership of land.
References in periodicals archive ?
Prior to the issuance of the Law, while Foreign Owners were able to own freehold interest/title to apartments, offices, villas and other real estate units, a Foreign Owner's interest, in respect of land, was limited to a Musataha (a concept akin to a long term development right), a usufruct (a long term use right) and long term lease, each for a period not exceeding 99 years.
Although he still went ahead and bought the house, he said he was unfairly disadvantaged when it came to resale compared to the identical freehold properties on the estate.
Freehold said it expects the deal to close by the end of the month.
PS Where the freehold is owned through a company set up to acquire the freehold of the building, the constitution of the company will set out how decisions are made.
Abu Dhabi's real estate offerings, the UAE government's new retirement visa rules and new laws on freehold ownership for expats in the capital are helping shape the emirate as an ideal retirement destination.
Pomlett, though, says he plans to unite the club with the freehold.
Ian said that the developers Elan Homes told him he could buy the freehold for around PS7,500.
He said developers Elan Homes told him he could buy the freehold for about [pounds sterling]7,500, but a letter later arrived from a property company, Landmark, telling him that it owned the freehold to his house.
A spokesman for Elan Homes said to the ECHO: "Mr Rice has a 999 year lease on his home and, along with other buyers on the development, was given a price to buy the freehold. A number of other residents bought the freehold but we understand Mr Rice did not.
'Why should the government rate freehold land seven kilometers from Nyeri Central Business District?
The freehold is listed as changing hands for PS569.2 million on February 8.
Real estate investment company Aprirose has acquired the freehold interest of Cornerblock, in Cornwall Street, for PS5.6 million.