What You Should Know About UK Real Estate in 500 words

The most expensive real estate market in the world is located in the UK, more precisely – in London. This is where everything is sold and rented at a lightning speed. Taking into account a relatively small territory, the rapidly growing population and the high international demand for housing, a shortage in real estate opportunities is observed almost permanently.

Despite the above, the government is trying to maintain reasonable regulations and approaches, it even leaves room for the green park areas and is engaged in the reconstruction of industrial areas, theaters and galleries. Thus, officials are trying to preserve the historical past of London. Interestingly, most people live in small country houses, rather than in high-rise buildings. And if someone says that to buy an apartment or house in London is very simple, it is not true.

The features of the property market

The real estate market in the UK controls the land legislation, which has not changed since the time of William the Conqueror. In this regard, the purchase of real estate regulations are quite different from the international standards. It is important to know that the land of England is the property of Her Majesty the Queen, and people are only entitled to use the buildings that are located there temporarily (although for long periods of time).

Consequently, ‘property ownership’ is divided into several types. Freehold is the type allowing its owners to competently manage the property and do with it whatever he or she deems necessary in consultation with the relevant authority. This type of property is best suited under the criteria of most countries. It has been the most common type of acquired real estate in England for a long time, but now its share is shifting to the lower side. Shared ownership represents a subspecies of the previous type of ownership. It implies the existence of a two or more equal owners. When buying a house in the UK within the ‘long-term lease agreement’, this property is referred to as ‘leasehold’. This type of ownership implies the temporary use of the apartment or house. The contract must be clearly stated who is the owner of a temporary and has to pay the rent for the land. According to conveyance solicitors report published at solicitors.guru, one of the largest legal platforms where you can find solicitors in Harrogate (York and all over North Yorkshire), this type is recently gaining momentum due to its affordability against the background of freehold.  There are contracts, for example, implying the ownership of no physical objects (so you don’t own walls or ceiling). If the tenant wants to make alterations to the premises, he or she must get a special permission to do so. The contract can be signed for the period from 23 to 1000 years. The buildings, which are acquired for more than 90 years, are called virtual freehold, because their value is equal to the value of freehold houses. Since the lease expires, the yearly property falls in price. When leasehold expires, then comes the appraiser and prolongs its life. Under the terms of long lease the tenant has the opportunity to buy real estate in a freehold.