Residential park home

Debmaff

Could someone please enlighten me what the difference is between a residential lease hold park home and a residential free hold park home ? thanks for any advice

AdrianC

The usual difference between freehold and leasehold is that you own the actual ground in perpetuity with a freehold, whereas you have a fixed-term lease on it with leasehold.

I'd be very surprised if there is such a thing as a freehold "park home". I suspect the term is being thoroughly abused to refer to actually owning the caravan itself, rather than leasing it.

moneysavinghero

If it's a genuine park home then it will be neither leasehold or freehold. You buy the home and then pay pitch fees to the park owner. Or do you mean a park home style home on a  private piece of land?

user1977

I think I have seen freehold park homes (no particular reason why they shouldn't exist). In any event the devil is going to be in the detail - normally for leasehold ones they're heavily weighted in favour of the site owners, and I would guess any freehold sites are likely to have similar big service charges and restrictions imposed.

moneysavinghero

user1977 said:

I think I have seen freehold park homes (no particular reason why they shouldn't exist). In any event the devil is going to be in the detail - normally for leasehold ones they're heavily weighted in favour of the site owners, and I would guess any freehold sites are likely to have similar big service charges and restrictions imposed.

Mobile Homes Act 2013 is the reason why neither leasehold or freehold park homes should exist.

However what freehold probably means is that the freeholder owns an equal share of the site along with all the other occupants of the park. So there would be a management company and you all decide together what fees to charge and what works needs to be done to the park. With a 'leasehold' the park would be owned by someone else and they would set the fees and decide what works needs to be done.