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 ?
And the Law Commission has drawn up plans to protect householders by changing the valuation formula for freeholds, so that it becomes cheaper for a leaseholder to buy their freehold.
According to MP Gareth Thomas, around 30 properties were sold on the new Harrow View West site on a leasehold basis, but subsequent properties on the site were sold as a freehold, often for the same price or even less.
ABP purchased the sites' freeholds from Oceanic Estates who have owned the estates for 15 years.
? These freeholds remained the property of the town until Kirklees Council sold 10,000 of them to a company called City and Metropolitan (Huddersfield) Ltd, of London, on March 23, 1994.
This general shortage of ready to go sites and lack of second hand stock will see industrial and distribution rents and freehold values climb steadily in 2011, providing an opportunity for landlords and developers who can quickly bring the right sites and stock to market to meet the demand," said Mr Dillon.
Ultimately, the long-term prospects for the survival of greyhound racing at the GRA tracks, particularly such as Wimbledon with high freehold value, will be determined by trading results raising the worth of the site as a going concern to a figure comparable with what could be received for redevelopment.
By following the freehold as opposed to the leasehold route, companies will gain a valuable asset in the long term and any capital not spent on rent can be reinvested into the business.
She told the Commons: "Will the Minister also join me in imploring the Charity Commission to make it clear that while charities must act in the interests of their beneficiaries, that should not be at the cost of making life a misery for others?" Alok Sharma, the Minister for Housing and Planning, said officials from the Department for Communities and Local Government would contact the Mary Magdalene and Holy Jesus Trust to find a way for the leases to be extended or the freeholds to be sold.
The Peach group of pubs has bought the freehold of two of its most popular pubs in a deal worth nearly pounds 3 million.
Now landlords who have bought the freehold to the properties are demanding occupiers pay ground rent, or buy the freehold at a cost of thousands of pounds.
Mystery surrounds the ownership of his and other freeholds on a dozen properties in Ouston, near Chester-le-Street.