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Long Leasehold Question

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  • 14-02-2013 2:22am
    #1
    thebuzz
    Registered Users Posts: 654 ✭✭✭


    Long Leasehold. The property is held on a long lease for a term of 999 years from 1st June 1997 (thus having approximately 984 years unexpired) at a current ground rent of €1 per annum.

    Can someone tell me how this works exactly? You never officially own the property I presume, but who pays any property taxes and repairs any damage as are you technically only a tenant? I presume not or the rent would be a lot higher.


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    #2
    Victor
    Registered Users Posts: 78,404 ✭✭✭✭Victor


    http://en.wikipedia.org/wiki/Leasehold_estate

    Where the lease is longer than 20 years, the tenant will be responsible for paying the property tax.


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    #3
    StillWaters
    Closed Accounts Posts: 1,799 ✭✭✭StillWaters


    thebuzz wrote: »

    Can someone tell me how this works exactly? You never officially own the property I presume, but who pays any property taxes and repairs any damage as are you technically only a tenant? I presume not or the rent would be a lot higher.
    You can buy the freehold out. Of course you are responsible for repairs and damage. The vast majority of our older housing, Victorian and Georgian have leases like this.


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