Most property overseas is purchased as ’Freehold’. On completion you hold the Title Deed in your name, and own the Freehold Property and Land.
In some countries, properties are purchased on a ’Leasehold’ basis, where you own the property, and ’lease’ a portion of the land, by way of a small annual payment to the freeholder.
Some properties are available as ’Freehold Fractional’ purchase. These are properties where a number of people ’share’ the ownership of the Freehold, therefore sharing the costs of owning that property outright.
In some cases the Freehold is ’shared’ by 4-6 owners, each owning a quarter or sixth share of the property and the costs. In some cases it is shared between up to 13 owners, each owning a ’four-week’ period in the property. These Fractional Owners do indeed OWN the property for Life, or until sold on, but simply OWN a ’Fraction’ of it. This obviously means that all costs are vastly reduced and some owners prefer to only own the amount of time in the property they intend to use! Unlike timehshare, Freehold Fractional ownership comes with a title deed, making it a true freehold asset, which can appreciate with market rates.
All Owners, whether Freehold, Fractional Freehold or Leasehold are free to sell, rent-out or use their property as they so wish - although some resorts and developments have their own rules which all owners would be governed by.
PLEASE CONTACT US ON 0845 25 77 010 FOR FURTHER INFORM ATION ON OWNERSHIP
