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Who owns the legal interest called the leasehold estate?
The tenant owns the legal interest in the leasehold estate. The fee owner is the one who actually owns the property but the property is subject to the lease.
Can mortgagee enforce mortgage when the borrower mortgaged a 20-year leasehold right to obtain the loan when the loan remains unpaid and the lease has expired?
Yes. Usually a mortgagee is required to foreclose not only the owner's rights, but also anyone else with a "junior lien". A leasehold mortgage is typically subordinate, but there are times it can "prime" a first mortgage, so without more facts that's the best we can do.AnswerGenerally, if the borrower has only a leasehold interest and the security interest is the leasehold interest the fee owner must consent to the mortgage. If the fee owner did not consent the lender would need to pursue the borrower for payment. The security interest has disappeared but the debt has not. The borrower signed the note and mortgage promising to pay. The borrower should consult with an attorney who can review the situation and determine the options, rights and obligations.
Can you change freehold to leasehold?
Change freehold to leasehold can be a difficult process. Leaseholders have a legal right under the Leasehold Reform Act 1967 to buy the freehold of their house if they meet certain qualifying criteria. Alternatively, it is possible to negotiate with the freeholder informally to buy the freehold by agreement.
What is a leasehold property?
A leasehold is an interest in real property in which the leaseholder doesn't own the specific piece of property but possesses a long-term lease on it. It involves a written rental/lease agreement for an extended period of time. A leasehold often refers to the improvements made to real property when the improvements are built on land owned by one party which is leased for a long term to the owner of the improvement(s).
Difference between leasehold property and freehold property?
You don't have to pay rent of property which is called annual ground rent, while in leasehold means, you lease the property from owner of property for several years. This is the contract on based of rules, legal rights and responsibilities from both parties.
When buying property in Spain what is the difference between freehold and leasehold?
Freehold Vs. Leasehold When buying a property in Spain you have two options - to buy a Leasehold (Traspaso) or a Freehold property. The main difference between the two options is the initial investment required and the legal ownership of the property. When you buy a leasehold the initial cost will be much lower than buying a freehold but you will have to pay a monthly rent as long as the lease last. This rent will be fixed over the lease period and only upgraded with the official inflation each year. As to the legal ownership the buyer of a freehold will own the property whereas the buyer of a leasehold will be responsible for the maintenance and "running" the property, but when the leasehold finish he will not be the owner of the property (although some leasehold contracts gives an option to buy the establishment or lease it for another period at the end of the leasehold). Leasehold In general it can be recommended to start with leasing a property if you are planning on owning your first property in Spain - residential or for holiday lettings. The main advantages with a leasehold (apart from the lower initial investment) is that it is a fast and easy way to get started (it only takes a few days to arranges a leasehold contract) and that it is also easy to get out again as the buyer always has the right to sell the leasehold to a third party!. As you can always sell the leasehold it is a good and safe way to learn about the area and to decide upon buying a freehold or getting out of the market. If you decide to sell the leasehold the owner is entitled to a percentage of the sales price (normally between 5-10%) but you can sell the leasehold at whatever price you choose. There exists different forms of leasehold contracts but most properties are leased from 30 to 100 years on a renewable lease. When you sign the leasehold contract you will normally have to pay 2 months rent in deposit plus the first months rent. Thereafter the rent will be due to be paid monthly upfront. As you are not the owner of the property you should be careful about making major changes to the property structure without getting a written permission from the owner. Freehold If you decide upon buying a freehold property, you will have to sign a new title deed with the public notary, pay VAT on the purchase, register the purchase of the property, etc. The arrangement of buying a freehold property is both more expensive and takes a longer time to finish than a leasehold contract. The major advantage is that you will be the owner of the property. This means you don't have to pay a monthly rent (only the mortgage if needed) and you can even sell the leasehold to the property if you get tired of it or the area. If you have decided that buying or leasing a property is the best solution to enter the Spanish market you can find a few recommendations and things you should be aware of below. Recommendations First of all we can recommend to take your time and to look at several properties before deciding upon one. The prices can vary a lot from place to place and by looking at different options you will be able to compare prices, locations and quality between different properties. If you have found a property you like you should arrange for a second visit. At this stage it is also a good idea to spend some time in the area. Before you sign any contract there are still a number of important things to clear out. Although many contracts and guarantees on the property are transferred to the new owner, you still need to make sure that all the paperwork are up to date and in order, or the leasehold contract mention who is liable for any debt. When you buy an existing property you don't only inherit the permissions, guarantees etc., but also all outstanding debts and unpaid bills etc. When all the papers are in order you have to sign a purchase contract and the new title deed, if buying a freehold, that will transfer the property into your name. With a Leasehold, the owner of the property make all those changes needed to get leaseholders name on electric and water bills etc. Text taken from: http://www.eastcoast-estates.com/search/fullnews.php?id=32
Can a tenant come back 2 months later and dig up her plants?
No. Plants in the ground fall into the area of "leasehold improvements" and therefore become part of the real property covered by the lease - known as the "demised premises." As such, plants which are IN the ground have the same legal status as a fence and become the property of the owner rather than thenant, and they cannot be removed without the owner's permission.
Can a joint owner rent a property without the consent of the other owner?
No, a joint owner cannot rent a property without the consent of the other owner.
Is mobil 1 ok for a bmw 2.8?
Yes. Check your owner's manual for proper viscosity requirements for your area. Usually 10W30 will work for most climates.
Is common area maintenance fee leasehold taxable?
Common Area Maintenance (CAM) fees in leasehold agreements are generally considered taxable as they are part of the overall rental income for the property owner. The taxability can depend on local laws and regulations, as well as the specific terms of the lease. It's important to consult with a tax professional or legal advisor to determine the exact tax implications in your jurisdiction.
What does CTS mean in real estate?
C stand for CITY T stand for Title means owner status weather Freehold or Leasehold S stand for Survey No. of Plot Example. 32 or 32/1
Will will Mobil 1 5w-40 turbo truck oil hurt an Audi?
Why would you even consider this? Use exactly what your owner's manual lists as the recommended weight.
