Residential Property
BUY
RENT
HEAVY DEPOSIT
SELL
Here's a breakdown of the key points about the sale of residential property:
LONG LEASE
In the context of residential property, a "long lease" typically refers to a leasehold agreement with an extended duration, often spanning several decades. It is an arrangement where the tenant (also known as the lessee) has the right to occupy the property for a significantly long period, while paying rent to the landlord (also known as the lessor).
In some regions, a long lease can last for 99 years or even more, though the exact duration may vary depending on local laws and regulations. During the lease term, the tenant enjoys the right to use and reside in the residential property as their home.
It's important to note that even though the lease is long-term, the ownership of the property remains with the landlord. The tenant holds a leasehold interest, which means they have the right to use the property for the specified period, but they do not have full ownership rights like a freehold property owner.
In a long lease agreement, the responsibilities and obligations of both the landlord and the tenant are typically outlined in the lease contract. This includes details about rent payments, maintenance and repairs, renewal options, and any specific rules or restrictions that apply during the lease period.
Long leases can be advantageous for tenants who seek more stable and extended occupancy without the commitment and financial requirements of purchasing a property. On the other hand, landlords benefit from consistent rental income over an extended period, although they retain ownership of the property.
It's essential for both parties to thoroughly understand the terms and conditions of the long lease agreement before entering into the arrangement. Seeking legal advice can help ensure that the lease agreement protects the rights and interests of both the tenant and the landlord throughout the lease duration.