Freehold (law) facts for kids
Freehold is a special way of owning land and buildings. When you have a freehold, it means you own the land and everything on it, like a house, forever. It's different from renting, where you only use a property for a certain amount of time.
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What is Freehold?
When someone has a freehold, they have full ownership of a piece of land and any buildings on it. This means they own it for an unlimited amount of time. Think of it like owning your favorite video game console completely, forever. You don't have to give it back.
Owning vs. Renting
Freehold is very different from a leasehold. A leasehold is like renting. If you rent an apartment, you have a lease. This lease lets you live there for a set time, like a year or two. After that time, the apartment goes back to its owner.
With a freehold, you are the owner of the land and the building. You don't have to give it back to anyone. This ownership includes things like trees and any natural resources on the land.
Where Does Freehold Come From?
The idea of freehold comes from the United Kingdom. It's a very old legal concept. Many countries around the world that were once part of the British Empire, like Canada, Australia, and New Zealand, still use freehold in their property laws today.
Why is Freehold Important?
Freehold gives people a lot of control over their property. Because you own it forever, you can decide what happens to it. You can build on it, sell it, or pass it on to your family. It provides a strong sense of security and long-term ownership.
