. As FP said, When you use the term freehold do you mean mortgage-free or an unencumbered freehold property? I know it is a term that can cause confusion. The owner of freehold title is free to encumber it (in exchange for a loan.)
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Obviously I am talking about freehold property and land...
Google definition "Buying freehold means buying both the building and the land. You own both outright, and are responsible them. There is no limit to the time on your ownership."...
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[QUOTE=Crypto Crude;894618]Google definition "Buying freehold means buying both the building and the land. You own both outright, and are responsible them. There is no limit to the time on your ownership."...[Quote]
Wrong again. Certainly buying land, not neccesarily the building, which could be a rented relocatable shed, and not necessarily owning outright.
To own outright means to have ownership of an assett using your own money, i.e. fully paid for, whereas a freehold property may br mortgaged to a lender.
You cannot own a property outright if you have borrowed againt it.
You can own a freehold property which is mortgaged or encumbered with any sort of loan.
Longman definition of own outright: to own something such as a house completely because you have paid the full price with your own money.
Pop along to your local university and sneak into a few law lectures. Chances are no-one will ask who you are.
Own outright 'to own something such as a house completely because you have paid the full price with your own money'
Ok thank you...
I will keep the wording to your liking 👍 😊
[QUOTE=fungus pudding;894621][QUOTE=Crypto Crude;894618]Google definition "Buying freehold means buying both the building and the land. You own both outright, and are responsible them. There is no limit to the time on your ownership."...Yes "FEE SIMPLE" freehold Title--- Certificate of Title is ones name with no lender is a great accomplishment 100% your home .... took me many years of different ownership with Banks to finally buy without a bank on the title >>> then you can use your properties full equity to drive further investmentsQuote:
Wrong again. Certainly buying land, not neccesarily the building, which could be a rented relocatable shed, and not necessarily owning outright.
To own outright means to have ownership of an assett using your own money, i.e. fully paid for, whereas a freehold property may br mortgaged to a lender.
You cannot own a property outright if you have borrowed againt it.
You can own a freehold property which is mortgaged or encumbered with any sort of loan.
Longman definition of own outright: to own something such as a house completely because you have paid the full price with your own money.
Pop along to your local university and sneak into a few law lectures. Chances are no-one will ask who you are.
Own outright 'to own something such as a house completely because you have paid the full price with your own money'
[QUOTE=JBmurc;894702][QUOTE=fungus pudding;894621]That's hard to follow. You can have a freehold property, (aka - fee simple) and still have a loan or mortgage registered on the title. Not sure of any advantage in buying without a mortgage or 'different ownership with banks' whatever you mean by that. You can always repay the mortgage and raise a new one with the same lender - and if you get your timing right your mortgage interest can be tax deductable if used to purchase income producing assetts, although Labour have changed the rules a bit on some residential investments.
[QUOTE=fungus pudding;894708][QUOTE=JBmurc;894702]LOL yah sorry about that >> what I Should have said was BUYing a Residential freehold property without having a morg reg on the title is a great achievement
Then you can use that great equity and fund other investments and be able to claim all costs of that lending ..Is how I have set it up >> we have debt but is 100% claimable just like many of our monthly costs ..
I don't get why people are happy to have debt over their home Car , private assets ..but at the same time have large amounts of their own capital in say the Sharemarket or term deposits,Bonds etc