Freehold, on a holiday lodge…
Zero site fees, forever… but what does that actually mean?
What is freehold?
Higher Charaton Park is a very unique offering in that the freehold is being sold with the lodge! One of the main advantages but certainly not the only one, is that that the value of the lodge will not drastically decrease as it reaches its final years of a lease, as it would on any other park – there is no lease! There are also no site fee’s to pay ever and no financial penalty if you were to sell the home on.
Freehold is the complete
ownership of a piece of land and that which is built upon it – the owner
‘holds’ it ‘freely’. When buying a freehold property you are completely in
charge of the building, what happens to it, how it’s used and it is your
responsibility for any repairs or upkeep. This is in comparison to leasehold, where you own the property, but the land the
property on is being ‘leased’ from the leaseholder.
When buying a freehold property, you are buying the entirety of the land, and the property on it.
The advantages of a freehold
Freeholds are usually houses, however they can be holiday lodges. The advantage of a freehold property is that you have complete control over it, and are not subject to any further payments, like ground rents, which can be the case with leasehold properties. When you buy a freehold property, you can know exactly what you’re paying, there is no relationship with any other owner, and you know you will not be subject to any charges in the future. There will be no limitations on what you can do with your home (smoking, pets, building work) as there may be with a leasehold property. There is also no time limit to worry about – with a leasehold there can be a countdown to a possibly expensive renewal, or a fear of decreasing value as the lease runs out, whereas buying freehold is permanent and the value of land generally increases.
With Higher Charaton Park there will be other owners who will have a stake in the communal areas of the land so a standard agreement will be put in place to provide some guidance for site rules, maintenance schedules and costs, however ultimately it will be you, the owners, who have the final say.
Now’s the time to make time…
info@PaladinParkHomes.co.uk Call us on: 01626 833 799
Higher Charaton Park, Liskeard PL14 5RW