Apartment - Leasehold v Freehold

Folks,

Do I understand correctly that almost all apartments in Ireland are Leasehold as opposed to Freehold? Should this concern a prospective buyer? I’m told you should generally ensure that the Leasehold is owned by the management company and that you are buying 1 share in the company through your purchase of the apartment? Is this generally the case with older (pre-bubble) apartments as well as new? How long do these Leaseholds tend to be? I’d appreciate any advice on this.

Leaseholds tend to be for long periods of time, something like 99years from new

citizensinformation.ie/en/housing/owning_a_home/home_owners/ground_rent.html

I would say it is the norm for apartments

Think you mean 999 years Homemaker so effectively a freehold.

I don’t see how any apartment can be a freehold. Apartments are dwellings occupying the same land owned by the Management Company which each apartment owner is a shareholder in. The apartment owners will usually appoint a Managing Agent to run the Management Company. Any apartment advertising itself as freehold is probably telling fibs.

doh, watching tv and typing on laptop at the same time…

I don’t even have the fatfingers smartphone excuse

Is there a such thing as a leasehold on an apt that the freehold remains owned by the developer and not the managment co.?

Some places in the UK the freehold is owned by a third party, not the management company/owners so there is a difference; UK apartment ads will obviously highlight it (and sometimes there is a peppercorn rent). You’re essentially right though AFAIK

No. The MUD Act 2011 means a developer must turn over the common areas of a development to the Management Company.

Have a read of the MUD Act. It’s quiet clear :smiley:
irishstatutebook.ie/pdf/2011 … 1.0002.PDF

Thanks for the info, everyone, especially the above. Now I just need to find my legalese dictionary. :nin

I have purchased an apt which is freehold,owned jointly by ourselves and people who live above us,if I were to sell would I need to set up Omc as per MUD actr

I have never come across a freehold apartment.
Is it within an old building ?

Yes,does that make a difference

Yes, you cannot own the freehold to an apartment, the Freehold owner basically owns the physical land on which the property lies , if you live in apartment on the third floor lets say, how can you own the land under your apartment when there are other apartments over the same land.
The way it is done is you lease your apartment from the freehold owners, make sure the lease is long enough tho, most leases are for a 1000 years when the apartment was built in Ireland.

as previously stated the garden level apt ,we own is freehold,only upper house and ourselves,lease purchased outright 4 years ago,would love to know how I,m affected by MUD act

“multi-unit development” means a development being land on which
there stands erected a building or buildings comprising a unit or units
and that—
(a) as respects such units it is intended that amenities, facilities
and services are to be shared, and
(b) subject to section 2(1), the development contains not less
than 5 residential units

check schedule 1 of the Act ,which refers to buildings/structures which contain between 2- 4 units -

I had a place in a Stewart hall in Dublin 1 that was leasehold for 500 years from 1996,
Then it goes back to the original owner of the land , the Catholic church .
Savvy long-term investment .
Some apartments on the Quays near the Guinness factory will revert back to the order of the Riverbank Monks ,

I heard it said that some places will be reverting back to British landlords heirs too.

If there is little time left on the leasehold it could be hard to sell ,
You could buy a place with say 70 years left on the leasehold,
in 35 years you decide to sell and move to a retirement place , the potential
buyer could find it hard to get a mortgage as there is only 35 years left
and who could blame the banks for not financing it.

Hello there,

As long as I know leasehold means that you just have a lease from the freeholder (sometimes called the landlord) to use the home for a number of years. The leases are usually long term – often 90 years or 120 years but as high as 999 years – but can be short, such as 40 years.

But I don’t have any idea that what is freehold?

Does anyone have any answer to this question?

Thanks in advance

XD XD XD