Leasehold property

The whole concept is a fvck up. FFS, you either buy or rent something. This stupid structure should not exist.

By way of (brief) explanation, all land (real property) in the UK ultimately belongs to the Crown. If you die intestate, it reverts to the Crown.

The greatest interest in land a (normal) person may own in the UK is an estate (a legal and equitable interest) in land. Apart from the Queen, no-one owns land absolutely.

The idea dates back to the Norman conquest when William claimed all land by conquest and redistributed a lot of it to his followers and created the feudal system we still have.

The biggest estate one can own is a freehold (feoffment with livery of seisin) but the freeholder may create subsidiary interests, both occupational and otherwise. Those subsidiary interests include leasehold estate and indeed sub-leaseholds and sub-sub leaseholds etc ad nauseam.

Those subsidiary interests are usually contractual (but can be equitable) and such contracts are called leases.

I can get my own coat, thanks. Would you mind calling a cab?

not all to the crown innit? there’s the duchies

amirite?

@Oracle, the duchies were initially created by the conquering Norman Crown and intentionally superimposed above the pre-existing Saxon peerage hence why a Duke (Duc) outranks an Earl.

The authority and land awarded to the duchies derives from the Crown.

You either buy something or rent something.

And what, pray, in what respect is inhabiting a leasehold property not renting?

I think Jozza has laid his thwopper down on this thread.  I imagine he has a collection of felt tips that could comfortably span the thames when stacked side to side.  

all the colours of the rainbow...

Felt tips?

I'm only allowed the non-toxic crayons.

I dream of felt tips...

Us Real Estate types may need to get out a bit more...

I feel like a 967 year lease isn't as good as a 999 year one even though that's utterly ridiculous.

That livened up my morning chz Jorrocks.

 

The AC/DC, FAOD, not the unwelcome acid flashback to my first GDL land law lecture.

Thunderstruck beats feoffment with livery of seisin?

Who'd have thought it, eh?

I've asked this question before but in other jurisdictions how do they deal with the responsibility for the communal parts of the building and ensuring their obligations to repair it?  If I own my flat on the ground floor I want to know the guy on the top floor will maintain the roof and that I can force him to do so.

I don't like the sound of the some of the US blocks where other residents can effectively veto a sale if they don't like the buyer.