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There is no difference. Condominium is the word used for strata properties in other provinces. In B.C., condo or condominium is often informally used to refer to apartment-style housing, as distinguished from townhouse or bare land stratas.
A strata corporation is created to divide a building(s) and/or a parcel of land into separate components individually owned and common components owned by all of the owners. “common property”. A strata corporation is a legal entity created by the deposit of a strata plan in the Land Title Office.
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For reference, a strata title is a form of ownership devised for multi-level apartment blocks and horizontal subdivisions with shared areas and expenses, whereas non-strata or “freehold” is simply a property like a single family home, or in the example above, a freestanding commercial building on a lot that does not …
What is a strata title? Generally, as a strata owner, you own the air space within the boundaries of your lot, while the owners’ corporation owns and controls the fabric of the building and the land under and around it. Common property is all of the areas of the land and building that aren’t included in any lot.
A freehold strata is a type of property ownership that differs from just freehold ownership. A residential freehold strata property can be a condo, townhouse, duplex, or even a single-family home in a bare land strata corporation. Often written as freehold/strata, the owner has freehold title to the strata lot.
Alernatively, you can go to the Land Registry website and search for an entry for your property. Most property is registered and you should be able to obtain a copy of your title who will confirm whether the property is freehold or leasehold.
Strata Title is generally for properties in a multi-storey building and the land usually belongs to the owners of the property (i.e. developers). Individual Title is generally for landed properties. It’s issued when you are the only owner of the whole piece of land.
Freehold is typically for houses and leasehold is usually for flats. Freehold means that you own the land and the building that sits on it. Leasehold means that you own a lease, which is a contract that gives you the right to live in the property for a set number of years (for example, 99, 125 or 999 years).
You could add value to your flat If you already had a decent length lease, eg, 999 or 99 years, buying a share of freehold will make little profit. You would still have to pay the same legal costs as someone with a short lease, but would only add a smidge to the flat’s value.
Even if you know what leasehold and freehold properties are, figuring out which is the best option for you can be confusing….New Builds.
|Own the land the property is on||New build – freehold could be sold to third parties, ground rents and charges could increase|
|Usually a house||Usually a flat|
Can a freeholder refuse to sell the freehold? A freeholder can only refuse to sell the freehold if the qualifying requirements are not met. For example, leaseholders may ask if you will sell the freehold to them even if more than 50% of the leaseholders do not wish to participate.
The landlord cannot insist that you pay more than the rent set out in the lease or change the provisions in relation to ground rent. The ground rent can be fixed in the lease or increase at fixed times and amounts. Or it may increase in accordance with a formula such as a percentage of the rental value of the property.
When a freehold Landlord is selling all or part of their freehold title, often they are obligated to offer their leasehold tenants the right to buy before offering it up for sale on the open market. Failure to comply with the obligation will result in the landlord committing a criminal offence.
You can ask the landlord/freeholder to sell you the freehold at any time. By law, they must offer all leaseholders first refusal to buy the freehold if they wish to sell it. Buying the freehold to your flat isn’t something you can do on your own though, to qualify you have to get your neighbours involved too.
From getting an offer, serving the relevant notice, and allowing time for the solicitors to do their work, it could take three months or less to sell your freehold.
Whether you own a flat or a house, you may be entitled to force your landlord to sell the freehold title to you. You can purchase the freehold title provided that: there are at least two flats in the building, and.
The valuation of a freehold of a block of flats with long leases is based on the investment value. Multiply the ground rent figure by the year’s purchase. This is calculated by the valuer or more usually taken from the valuation table.
Leaseholders who own a house can buy the freehold of their house either under the law if they meet certain criteria (formal route), or by asking the freeholder to see whether they are willing to sell the freehold informally (informal route).