Leasehold agreements are something that has been growing in popularity in South Africa over the past few years, and it is a very common form of land leasing in many different countries across the world. This is an alterative to renting and land ownership. It is a middle ground where one leases the land and the rights of the property for an extended period, such as 100 years. This allows the lessee to enjoy the property and do as they feel fit such as maintenance and development. Of course, all the different terms of agreement within the leasehold agreement. This allows the original owner to maintain ownership and to enjoy the benefits of the improvements when the lease expires and the land reverts back to them.
Freehold properties fall under the standard means of ownership as we know it to be. There is no lease, and the property will not revert back to anyone after a certain amount of time. This means that if families bequeath their property to their children or grandchildren, the cycle may continue and continue.
To transfer a leasehold agreement will not be as simple as waiting for a rental period to end, or as simple as putting your property on the market. It will require the assistance of a property attorney with the knowledge needed to assist with leasehold agreements. It is important to seek professional legal advice as leasehold agreements are slightly more complex in terms of the laws of the country. Especially since the law does make ownership the easier form of title available.
Dreyer Engelbrecht Attorneys are such attorneys. They will be able to assist you with various legal services with regards to transferring of your leasehold agreements.