The ELITE- home of big birds, burgers and beautiful people!

Jelly_Biactol

Sunshinemummy wrote: »

(Redfox we are only bantering, Jelly really does not make real t-shirts, but does nice pictures of them)

Thank you for pointing that out:T:T:T
I don't want to get into trouble again:o
I live in a dreamworld. Nothing of what I dream up in my head is real, in the real-out-there-world:D

Jelly_Biactol

scamps1966 wrote: »

JELLY are you here?
Oops , just saw you posted ^^^

I am here, how are you, old luv, as we say oop north? Remiss of me to ask:o

davemorton

[QUOTE=Bikertov;64704761]No offence to anyone, but you're all wrong.

Freehold / leasehold is something totally different a mortgage.

Firstly, Freehold is where you own the land outright and forever, on which a property may or may not be built.

Leasehold is where you rent the land on which a property is built for a period defined in the lease. This period is often initially quite long, like 125 or 999 years. The Lease can be sold on. You pay Ground rent on the land, usually a 'nominal' amount hence the term 'peppercorn' rent. Usually the lease will detail who is responsible for maintenance including 'common parts' that the freeholder owns.

A mortgage however is totally different. It is a term used to describe the security given against the repayment of a loan. If you default on the agreed repayments of the loan, the person who holds the mortgage can sell the mortgaged item (usually a property) to recover the money lent. You can take out a mortgage on a freehold or leasehold property.

In the context of a house or flat, it can be sold by the mortgage company to get their money back that you still owe them.

So you can own a freehold or leasehold property with or without a mortgage (security against a loan) on it.

Hope that clarifies the difference.[/QUOTE]

No offence, but did you read all the replies, or just the first one?

fairclaire

Bikertov wrote: »

No offence to anyone, but you're all wrong.

Freehold / leasehold is something totally different a mortgage.

Firstly, Freehold is where you own the land outright and forever, on which a property may or may not be built.

Leasehold is where you rent the land on which a property is built for a period defined in the lease. This period is often initially quite long, like 125 or 999 years. The Lease can be sold on. You pay Ground rent on the land, usually a 'nominal' amount hence the term 'peppercorn' rent. Usually the lease will detail who is responsible for maintenance including 'common parts' that the freeholder owns.

A mortgage however is totally different. It is a term used to describe the security given against the repayment of a loan. If you default on the agreed repayments of the loan, the person who holds the mortgage can sell the mortgaged item (usually a property) to recover the money lent. You can take out a mortgage on a freehold or leasehold property.

In the context of a house or flat, it can be sold by the mortgage company to get their money back that you still owe them.

So you can own a freehold or leasehold property with or without a mortgage (security against a loan) on it.

Hope that clarifies the difference.

Did you actually read the replies? Because they all said what you just have.......:huh:

David.

Bikertov wrote: »

No offence to anyone, but you're all wrong.

Freehold / leasehold is something totally different a mortgage.

Firstly, Freehold is where you own the land outright and forever, on which a property may or may not be built.

Leasehold is where you rent the land on which a property is built for a period defined in the lease. This period is often initially quite long, like 125 or 999 years. The Lease can be sold on. You pay Ground rent on the land, usually a 'nominal' amount hence the term 'peppercorn' rent. Usually the lease will detail who is responsible for maintenance including 'common parts' that the freeholder owns.

A mortgage however is totally different. It is a term used to describe the security given against the repayment of a loan. If you default on the agreed repayments of the loan, the person who holds the mortgage can sell the mortgaged item (usually a property) to recover the money lent. You can take out a mortgage on a freehold or leasehold property.

In the context of a house or flat, it can be sold by the mortgage company to get their money back that you still owe them.

So you can own a freehold or leasehold property with or without a mortgage (security against a loan) on it.

Hope that clarifies the difference.

I agree
No offence taken well not by me but thats not how I or any of the others that answered took the question.

Smart1e

Bikertov wrote: »

No offence to anyone, but you're all wrong.

Freehold / leasehold is something totally different a mortgage.

Firstly, Freehold is where you own the land outright and forever, on which a property may or may not be built.

Leasehold is where you rent the land on which a property is built for a period defined in the lease. This period is often initially quite long, like 125 or 999 years. The Lease can be sold on. You pay Ground rent on the land, usually a 'nominal' amount hence the term 'peppercorn' rent. Usually the lease will detail who is responsible for maintenance including 'common parts' that the freeholder owns.

A mortgage however is totally different. It is a term used to describe the security given against the repayment of a loan. If you default on the agreed repayments of the loan, the person who holds the mortgage can sell the mortgaged item (usually a property) to recover the money lent. You can take out a mortgage on a freehold or leasehold property.

In the context of a house or flat, it can be sold by the mortgage company to get their money back that you still owe them.

So you can own a freehold or leasehold property with or without a mortgage (security against a loan) on it.

Hope that clarifies the difference.

I did say that they were 2 different things but you explain it much better I didn't even try!

:rotfl::rotfl::rotfl:

lookinforabargain

Evening all :hello:

What's occurrin'?

davemorton

SSHhhhhhhhhhhhhhhh, LFAB is here!!!

Bikertov

davemorton wrote: »

No offence, but did you read all the replies, or just the first one?

I think I did, but none seemed to address what a mortgage was, only about the leasehold / freehold part. So I explained that too for completeness and context.

David.

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