If you take a look at the Record of Title for your residential property, there is a pretty good chance you will find the words Fee Simple written on it.
Essentially, this means that you own the land and (probably) everything built on the land.
But it might not say Fee Simple. It might instead say Leasehold, or perhaps Stratum in Freehold.
If you purchased the property recently, then this would (hopefully) have been brought to your attention long before you actually took possession of the property.
But if you purchased the property some years ago and you haven’t given any thought to it since then, then this may come as a surprise.
In practical terms having a title that says Leasehold or Stratum in Freehold is going to depend very much upon the specifics of your circumstances.
But if you are thinking about selling your property in the near future, then working through any possible implications is recommended to help your sale go smoothly.
If you have any questions regarding your property’s title, please give us a call.