Question About Uk Real Estate ..

[chardon713]

I have seen a house listed for sale with seemingly 2 prices .... one one site the price is £700,000 and on another it shows as £600,000 freehold.
Grateful if anyone might help me understand what this means.

[murraymints]

may simply be the case that the property is being advertised by two agents who value it differently...since agents charge a % of sale price it is in their interest to get as high a price as posssible..usually a single agent is appointed but it is not uncommon for there to be more than one vying for the sale

[Postdog]

Basically it probably means it was trying to sell at the higher price on one site, got nowhere, and was then offered on another site at a lower price. If interested, go to the site with the lower price but do not mention you saw it at the higher price. Be aware they may be prepared to drop the price even more, so an offer below that may be accepted. Making offers is the norm actually...the skill is pitching it right.

[chardon713]

It's the reference to "freehold" that has me intrigued ( for a detached house)

[murraymints]

most properties are freehold..some in London and other large cities have lease for 999 years.or similar think it is a throwback to Feudal times...nominal landlord , which arrangement can often be bought out for a fee..

[dzug2]

Freehold means you own the house and the land it's on

The opposite of leasehold, where someone else is the owner and you buy the right to use it for a (usually large) number of years for a (usually)nominal rent

[pastafreak]

There is an explanation of freehold here...
http://www.access-legal.co.uk/free-legal-guides/What-is--the-difference-between-freehold-and-leasehold-5897.htm#.Vn5gaOinxSA

From a brief googling,it would seem that many or most UK properties are freehold. It's just not specified but leasehold is as that affects length of ownership etc

[pastafreak]

Arrgghh...typed mine before Murray was there...but the submit button wasn't behaving...

[Peter Pedant]

google " meaning of Freehold"

lots there to read on Boxing Day
it is is one of the two main ways of owning land - and is sort of better than no 2 which is leasehold

same as US law but if you come from a Napoleonic code system it takes quite a lot to get your head around as there are no real parallels

[BRIGHT SPARK]

This tactic is sometimes used to create interest and give the impression of a 'bargain'..especially if the property is unique.

[chardon713]

Thank you to all who have tried to help ... but despite your best efforts .. and a frenzy of "googling" I have concluded that an understanding of the British land title system is beyond me!