What is Freehold in Real Estates

I’m sure you must have heard of the term freehold in your discussion with a real estate agency or agent.

A freehold title refers to an owner of real property that includes both land and immovable structures attached to it for an undefined period of time. In other words, it means having ownership over a building and the land on which it stands outrightly and in perpetuity.

It is your name that appears in the land registry as the “Freehold” owner of the “Title Absolute”. In some parlance, a “freehold” estate is transferable to the owner’s “heirs and assigns”, or “OMONILES” (successors under inheritance or purchase including gift), in which case it is a “fee simple” estate.

Freehold is always the preferable option as the properties and whatever structure revert back to the owner or his heirs at any time they need it.

For an estate to be a freehold it must possess two qualities:

1. Immobility: Property must be land or some interest issuing out of or annexed to land
2. Ownership of it must be of an indeterminate duration: If the time of ownership can be fixed and determined, then it cannot be a freehold.

Read also the Cheap Freehold “Ascent Trilogy” Land in Epe

This is opposed to a leasehold in which the property reverts to the owner of the land after the lease period has expired.

In freehold

• You won’t have to pay annual ground rent

• You don’t have a freeholder either failing to maintain the building or charging huge amounts for it

• You have responsibility for maintaining the fabric of the building – the roof and the outside walls

• Whole houses are normally sold as freehold