once I have bought a commercial property do I still ahve to pay yearly for the lease and if so why?
I want to buy a shop but I notice that alot of the estate agents mention leases of 15 years etc and having to pay 15000 upwards a year. do I still have to pay this even if I have bought the shop and if so how do I buy the freehold?
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Tags: Alot, Estate Agents, Leases
lease property | , 30 Dec 09
By sl3style, January 2, 2010 @ 12:23 pm
are you buying bussiness or property. bussiness can sell to you with the property being leased it sits on.
By RealtorV, January 3, 2010 @ 9:45 am
There is no rent if you own the property. There might be a condo association with fees, or Common area Maintenance fees to maintain the building if it is connected to others..like in a strip center, etc.
By Etta P, January 6, 2010 @ 2:39 pm
It sounds like you may be purchasing a “leasehold” property. This is common is some states, including Texas and New York. Another type of property that has outside fee similar is like a condo, this is where you own the inside, but only an undivided interest in the outside. The $15,000 sounds a bit high for that, but to be safe I would contact the county assessors, housing authority or property appraisers in the county of the subject property.
By Flyby, January 7, 2010 @ 11:10 pm
I believe you are talking about 2 different things. When you buy a retail business, you may not be buying the real estate where it is located. If you are in a shopping center, most will probably not want to sell part of the facility to someone else. You normally purchase a business such as this and rent or lease the property where the business is located. If you want to move the business to property you own, you need to look around for a free standing building you can buy.
By Colin M, January 8, 2010 @ 9:14 am
You can only buy the freehold if the owner wishes to sell it. If you own it, you don’t pay rent to yourself.