Majority of people who live in flats live there under the terms of a leasehold agreement. But it is possible to own the freehold to a flat if one is able to certify certain specific requirements that are laid down by state laws.
Buying the freehold to your flat is not something you can do by yourself. But if you find that other people in your block of flats are eager to do it as well, you could find yourself taking the first step to making that all-important freehold purchase.
Freehold Vs Leasehold Properties in Singapore
While the process of buying the freehold is a complex one and one that will ideally require the expertise of an experienced solicitor, it does eventually bring with it several major benefits. For example, if you are tired of paying ground rent to a landlord and you can see no major advantages to doing so, you will no longer have to do this if you go for a freehold purchase.
But it is not just the fees you have to pay to your landlord that can be troubling and annoying in this sense. While all flat owners would like to have a nice landlord whom they can talk to about their concerns and issues with the building, not everyone is this lucky. Indeed some people decide to opt for buying the freehold to their flats primarily to oust a landlord they do not like and cannot get along with. Fyve Derbyshire is a new development located right in the heart of the city that is a freehold development. There are several advantages for buying a freehold property in Singapore.
Landlord for Properties
If the landlord is not doing the required amount of work to look after the block of flats it may prove useful to take over the freehold and take charge of the building along with your other flat owners. It could be the best way to take a lot of stress out of your life in this sense.
This sale is done after someone who bought a house through a bank or a real estate company fails to pay the mortgage loan. The real estate or the bank takes the possession of the property and auctions it so as to recover the money that was spent on the house. The sale of Fyve Derbyshire involves a mortgage loan for your consideration.
Freehold Properties Better than Leasehold Properties
As you can see there are plenty of reasons why buying your freehold could be a good thing to focus on. If you want to gain the most control over the ownership of your flat, freehold purchase could be the best way to look forward to a number of significant advantages.
The main thing to remember is to look into the process in depth before you proceed with it. There are a number of stipulations that must be met in order to go ahead with the process. Once you know you meet them you can then make a final decision on whether buying the freehold would be ideal for you.