Land and types of ownership of property UK

You wanted to buy a flat in London? You are thinking about to buy a house in England? In short, you look to the real estate market in the UK. Of course, you will be interested in our article that will tell you what the postulates formed the basis of the real estate market UK and what you need to know everyone who intend their desire to buy property in UK, property in London to bring to life.

The real estate market in the UK and especially the London property market – the largest in the world, and property in England, despite high prices, is one of the most liquid assets.

Despite the apparent high cost, the real estate market in the UK – one of the most liquid in the world. The property of great Britain, and especially London, which area would not were it is located, is the best remedy against falling prices, a hedge against inflation and growth of capital.

Demand for UK real estate has always been driven, first, the small size of the territory – only 1000 miles from North to South and not more than 400 miles from West to East. Growing needs of the population of England at the housing development must be in constant balance with a need to preserve the countryside and parkland. Government policy promotes the development of such direction as the change of industrial sites to green field sites (green areas), located outside the city. Depending on the zone or area where such a change is expected, grants can be provided to clear the land. In addition, concern about the environment contributes to the requirements for research that is undertaken in relation to the history of a specific property, and where the land itself is probably contaminated. It is important that the current owner can be held responsible for contamination that occurred many years ago, when a previous that caused this pollution is not installed.

The current economic situation in the world makes of the UK property market even more attractive. The population of the UK steadily increases and the number of newly built houses and flats in England lags behind the demographic situation in the country. The situation with the shortage of housing is exacerbated by the huge influx of foreign labour, where the cause of the protracted crisis, progressive unemployment drives people in more economically prosperous countries in search of work. Thousands of people in London every day are turning to agencies for the hiring of housing looking for an apartment to rent. In this regard, real estate investment in the UK always bring stable rental income.

Turning to the land legislation of the UK (Land Law) (which regulates the real estate market in the UK), you will know that basic concepts have not changed here since the days of William the Conqueror when in 1066 he laid the Foundation of the system, which the British are proud of, and for, the foreigner is usually the subject of sincere confusion and misunderstanding. By law all land in England and Wales is vested in Her Majesty Elizabeth II, and all other mortals have only a vested right to use the land and buildings that it contains. “The freehold” (Freehold) is very similar to the world practice a form of tenure, which can be called “property rights” and therefore, if you own property in rights “Freehold”, you become the full owner of real estate buildings, located on this land and can do with your property whatever you want, it is only necessary to coordinate their actions with local authorities.

In the UK there is a government Agency called the Department of Planning (Planning Authorities) it is responsible for the preservation of the uniqueness of British architecture and monitors each attempt to make changes in the external or internal appearance of your home.

Of course,not all permission is required. For example, if Your home is in England is not in the lists of English Heritage (not the object of special national interest), then you can feel free without permission to break internal walls, change the Windows or even to attach a greenhouse (assuming that it is, depending on the type of house does not exceed 10 or 15% of the total area thereof). If your house is included in the list of English Heritage and accordingly acquired the status of a Listed or Grade I Listed, you will need permission for literally everything: remodeling, change of Windows, doors, any kind of renovation. Even repaint to your favorite color pink without official permission is fraught with a fine and a strong recommendation to return home in the same color scheme.

At home in England and Wales are purchased on the basis of the right of ownership is “Freehold” (Freehold)

Freehold means that possession is not only the land and any buildings located on it.

To possess the right “Leasehold” (leasehold) with apartment and home plot of land or a whole village. But in this case, the term “possession” is not true. The concept of leasehold is akin to the concept of “long term rental”. Legally you will not be the owner. By definition, buying a property on the basis “leasehold”, you become the full owner of the document, called a long term lease, which in turn gives you the exclusive right of temporary use, disposal and occupation of space inside the apartment or house in England. No more. The lease contract may be concluded for any number of years, whether it be 22, 55, 121 or even 999 years. So you were guided in a situation, I would say that in 50 years the exclusive use of the leasehold can expect to pay about 75% of the value of the home is a”freehold”. For 25 years — about 55%. For 10 years — about 35%, (in all cases +/- 10%). “Leasehold”-homes with 90 or more years of use in the contract are called virtual freehold for the simple reason that the cost they are practically equal with a “freehold”-houses.

It is not surprising, but no walls, no floors, no ceilings you own will not. Owns all of it “landlord” or “freeholder” — the person you paid for the exclusive right to reside in the above premises and, most likely, but not always, in the bargain undertook to pay annually ground rent (Ground Rent), which can vary from £25 to £500 a year, but in rare cases can reach £10 000-£50 000 a year for a multi-million dollar mansions in Chelsea and Belgravia. If you want to demolish a couple of walls or change of Windows, you need permission from the “landlord”. If you suddenly decide that you no longer have to pay ground rent, you can in the near future to be in the “no residence” because the law allows owner-freeholder to take away from you the right of use of premises, if you are paid a specified amount of money.

After examining her more closely “leasehold”, you will understand that it is similar to our system of long-term withdrawal of housing to rent, the only difference is that you pay once. Yes, and you have rights to order more than a normal tenant, but at the same time an order of magnitude less than the rightful owner. Besides, as mentioned above, you have the choice of another, unfortunately, no. Perhaps it is appropriate to recall the expression of our ancestors, de gustibus non est disputandum — no accounting for tastes, and so if the British have nothing against such systems do not have, we also have to accept and cute smile, buy a “leasehold”-apartments.

So what should know everyone who wants to buy property in Albion? Two simple truths: “the Freehold” is an absolute right of ownership and it carries the same meaning that owning property in any other country. “Leasehold” is right, giving you exclusive possession of the property for a certain period of time and usually for a nominal annual ground rent. The price of a leasehold property decreases over time because every year there are fewer years on the lease. Not taking the right action, and not extending the rental contract, you can lose all rights to use this property. Although, if the contract remains more than 100 years, it is not really, should you care, at least in the next 15-20 years.

Of course, the legislation governing the right of ownership, forms of ownership of flats in London, houses in London, apartments in England , houses in England, other commercial properties and land, has other pitfalls. About the details and details you can learn by talking to our specialists.

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