Message for Andy
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https://www.dailymail.com/home/index.html
Largest circulation U.K. newspaper with U.S. section
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Andy, I have another question if you will indulge me (awesome you found the site I couldn't remember; I have be careful about going to that site because they post a lot of sensational stories I don't want to see and aren't shy about posting actual videos of incidents of terror and horror, but I still like to have the option of going there) and my question is:
For reference:
I'm certainly not recommending you watch 20 minutes of this. I wouldn't. I watched 3 or 4...
Link to videoIs freehold the only or is it the most common property system for apartment ownership in the UK?
Would there be an alternative system?
The thing here is to get what we call fee simple (iirc) instead of lease hold.
The condominium apartments in Florida are fee simple even though the owner of the apartment owns the build and land in legal association.
Land lease is what I have now and even if you own a manufactured or mobile home, it's still a yearly renewed (or not) tenancy making the ownership of the dwelling illusory at the end of the day.
Thanks!
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Houses are virtually all freehold while apartments still generally leasehold though there are new laws. Of course buy a house if you can afford one in your location.
From memory...
Lease lengths, are often 150 years but occasionally 999years. You may buy out the lease to own the property but it is relatively expensive on top of a mortgage, and usually everyone in the building needs to agree to buy.
Lease holders have to pay a yearly smallish ground rent to owner.
Maintenence firms charge the earth if residents won't manage things themselves.
Once a lease goes under 90 years you are best buying some years in order to sell.
Why 90? No idea....
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I've heard many times the freeholders are often what we would call private equity firms and are practicing financial predation.
I'm living where I was born. It's disheartening to see houses of the exact type my family lived in since I was born rise from well under 20k in 1963 to over 400k today.
Wages and productivity were decoupled in the '70's with wages flat lining and productivity rising dramatically.
People in this country today in general literally are not being paid wages that that equal what it costs to live.
This country is and is about to be more so in a foreclosure crisis, also.
Our neverending inflation crisis just got dramatically worse, also.
This isn't the country where I was raised. It's not prosperous and in fact is holding on by a thread.
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