Ask the UK of the Day
Ask the UK of the Day
Out of context: Reply #47
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- drgs0
From what I understand it's impossible to own land/property in UK?
Instead you lease it for 99 years and your children will never inherit it?- ha, there's a reason there's a "landed gentry". We have different types of property 'holding' some are 'freehold' others are timed leases.Nairn
- The former means you own the land, the latter means that someone else does, for whatever period. Can be up to 999 years I think.Nairn
- The latter tends to be more apparent in cities (eg. flats sitting on top of each other) or developments (by corporate construction companies).Nairn
- tbh, I only really came across the term when I moved to LDN where I can begin to understand how the latter arose. it is crazy though. Some people don't know..Nairn
- ..when they buy the property and realise belatedly they have to a) pay someone a periodic fee, b) have a reduced resale expectation.Nairn
- I assume its reflected in the price? Freehold is more expensive?drgs
- Presumably. I think it's more that leasehold tends to be relevant in more expensive places anyway.Nairn
- It's become A Thing in recent years because a lot of housing developments use increasingly employing leaseholds, and people aren't expecting it.Nairn
- ie. 'Leaseholds are indeed A Thing here in the UK, but it's not The Norm, mostly'.Nairn
- You can try and buy out a freehold too - it's not like it's set in stone that you have no chance to own your leasehold. Unless the property owner's a cunt.Nairn
- Which I guess is why construction companies are increasingly using them, to squeeze out another few thousand quid from homeowners.Nairn
- </dullboy>Nairn
- </goodinfo>cherub
- :) Point being - in area terms, most land in England is owned over multiple generations. To the point of disservice to the whole.Nairn
- Royalty, the Duke of Westminster, most other Rich English Cunt. etc etc.
The UK is a much trodden ground, no space left unvouched-for.Nairn - "Land tax is an annual tax levied at the end of the calendar year on all property you own that is above the land tax threshold"
Land tax is not helping?drgs