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<br>In encyclopedia episode 2 of the VON [POLL IMMOBILIEN](https://biens-commerciaux.siterapide.host) podcasts, Tim Wistokat, lawyer and head of the legal department at VON POLL IMMOBILIEN, and host Petra Konradi conduct an interesting interview on the significant topic of leasehold.<br> |
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<br>For whom and under what scenarios is leasehold worthwhile? And which points should prospective consumers absolutely think about? You can listen to the interesting discussion about these and other subjects here now directly or review as a records in 'standard manner'. We hope you enjoy it!<br> |
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<br>Podcast episode 'Erbbaurecht' - total transcript<br> |
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<br>Moderator Petra Konradi:<br> |
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<br>You have currently read it in the title - in this episode we clarify compactly and to the point the most crucial concerns on the topic of genetic building rights. Because the land on which you build your home does not necessarily have to come from you. The [hereditary structure](https://rehoovoot.com) right makes it possible to rent a plot of land and pay the owner in return an annual quantity, the so-called ground rent.But even if land rates continue to increase ... Is it worth it for you? And if so, under what situations? What is in fact behind the heritable structure right? And what should you focus on? We now clarify these concerns with Tim Wistokat. He is an attorney and head of the legal department at VON POLL IMMOBILIEN.<br> |
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<br>My name is Petra Konradi, I am the host of the [podcast](https://biigbullproperties.com). Welcome.<br> |
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<br>Tim Wistokat, attorney and head of the [legal department](https://acebrisk.com) at VON POLL IMMOBILIEN:<br> |
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<br>Hello Ms. Konradi, thank you quite for the invite.<br> |
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<br>In the beginning glance, the heritable building right seems to be an affordable option to purchasing land. However, it is recommended to weigh both alternatives and to consider some mistakes.<br> |
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<br>Mr. Wistokat, building on somebody else's land - how does that work?<br> |
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<br>Well, practically speaking, it's very simple in the beginning. The grantor of the ground lease, i.e. the owner of the land, transfers to the leaseholder, i.e. the occupant of the land, a right to use the land in [question](http://stayandhomely.com). The latter may then build a residential or commercial property on it or acquire a residential or commercial property already located on the land. Thus, the ground lease holder ends up being the owner of the residential or commercial property, but not the owner of the land.<br> |
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<br>In return, the tenant pays a type of rent?<br> |
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<br>Yes precisely, we are talking about the annual ground lease. Previously, it was also called genetic lease, which is basically freely negotiable in the amount. As a rule, however, the amount of the ground rent has to do with 3 to 5% of the land worth.<br> |
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<br>The special function and therefore likewise a point that must be thought about thoroughly by the tenant: The ground lease can be changed every 3 years by the ground lease provider.<br> |
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<br>What else should potential renters think about?<br> |
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<br>In addition to the concurred payments, the parties need to settle on upkeep and the possibility of making structural changes to the existing residential or commercial property.<br> |
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<br>In addition, it needs to be clarified beforehand whether the residential or commercial property might be sublet by the leaseholder. In order to tape all agreements in writing, the parties involved conclude a ground lease agreement and so that this is lawfully binding, it is notarized by the notary.<br> |
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<br>Followed by the registration of the ground lease in the land register of the residential or commercial property and additionally in an independently developed ground lease land register.<br> |
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<br>Can anyone [provide](https://integratedproperties.ae) a heritable structure right?<br> |
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<br>In principle, yes.<br> |
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<br>In concept, anyone can approve a heritable structure right. In practice, nevertheless, land is mainly leased by municipalities, churches, neighborhoods or business. Especially the church frequently appears in Germany as a lessor of land, so as to enable young households with less equity to buy realty or construct a home.<br> |
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<br>The trick is frequently in the information, even with genetic structure rights?<br> |
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<br>Yes, I can verify that. As a guideline, the regard to the ground lease is in between 50 and 99 years. After the expiration of the ground lease, the ground lease expires and the residential or commercial property becomes the residential or commercial property of the ground lease provider. However, the latter should then pay the leaseholder appropriate settlement for the [structure](https://armeniairan.ir) and this is based on the price.<br> |
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<br>Even in case of a sale or inheritance of the land or residential or commercial property, the genetic building right does not end as a right of use in rem. Rather, the brand-new owner of the land or property takes over the leasehold agreement in addition to its staying term. However, this does not indicate that the agreed term is instantly restored or extended. It is rather to be understood in the sense that a new start of the term can be worked out with the new owner. The more remaining term is left, the much better the chances are, obviously, when the residential or commercial property is resold.<br> |
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<br>What is it about the so-called reversion?<br> |
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<br>If the leaseholder does not fulfill his legal responsibilities or does not pay the agreed ground rent for a minimum of two years, the property manager can assert his right of reversion. In this so-called right of reversion, the leaseholder should return the ground lease to the landowner. The agreement is terminated too soon and the ground lease provider ends up being the owner of the building. However, care needs to be taken here. In case of a reversion, the ground lease owner need to likewise compensate the leaseholder properly. Here, too, there is the possibility that the parties concur among themselves on a mutually agreeable extension of the agreement.<br> |
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<br>In addition, although the ground lease grantor can give the ground lease holder a right of first refusal on the residential or commercial property, the ground lease holder is not entitled to an agreement extension.<br> |
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<br>For whom is the ground lease rewarding?<br> |
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<br>Tim Wistokat:<br> |
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<br>Who has little equity, however still does not wish to do without a home of their own, for which the heritable structure right can be rewarding under certain scenarios, considering that just the purchase cost for the house, but not for the land needs to be raised. In this case, the overall amount for genuine estate financing is naturally somewhat lower. Prospective buyers then pay in addition to the [purchase](https://www.goldengateapartment.com) price for the residential or commercial property generally still the residential or commercial property tax, insurance and maintenance expenses and the annual ground rent.<br> |
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<br>Petra Konradi:<br> |
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<br>First off, the leasehold seems to be tempting for prospective purchasers with just little equity. But a closer look exposes some not irrelevant issues. Probably the greatest downside: While the repayment of a regular bank loan for a plot of land ends over time, the [ground lease](https://pakroof.com) continues to run until completion of the contract. Especially in times of low rates of interest, traditional funding typically shows to be more economically advantageous.<br> |
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<br>In addition, the ground rent can be [adjusted](https://www.imoovr.co.uk) every three years. Due to this, there is a possibility that the ground lease payments will go beyond the overall land expense over the years. Although a regular realty purchase generally appears more pricey in the acquisition, it typically proves to be less complex and cheaper in the long run.<br> |
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<br>If you have any [concerns](https://sleeping-options.com) about this or other subjects, please do not hesitate to contact our experts or find even more details on our website and in the VON POLL IMMOBILIEN - App. You can find the links in the program notes of our podcast.<br> |
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<br>VON POLL IMMOBILIEN - the podcast: you can discover us on Spotify, Apple Podcast, Google Podcast or in the VON POLL IMMOBILIEN app and on Amazon Music or via Alexa. Just tell Alexa, play the VON POLL IMMOBILIEN podcast.<br> |
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