To understand what is meant by Lease Hold and Free Hold, name of it is enough to elaborate the Property which you hold can be Lease Hold or Free Hold.
Lease Hold is the property where any Govt. Body like Delhi Development Authority (DDA) or Municipal Corporation property provide the property to enjoy for the certain period of time it may be for 30 year or for 60 years or for 99 years. Such property may be utilized and enjoyed by the Holder but it does not give any right to the Lease Holder to transfer it your own heirs. After the expiry of the certain period for which the property was owed to you your rights over the property automatically expires and the concern body or lessor body have legal right to take the possession back. In other word it can be said in lease Hold you are not the absolute owner of the property. You are like Tenant in the property without any hassle/interference of owner.
Whereas Free Hold property is the property that make you the absolute owner of the property and gives you each and every right over the property, you can raise, construct, develop the property you can also sale whole or its part of property to any person. And such is property is transferable and it is transferrable to your heirs if you die without making any arrangement of the property through WILL or by other means.
Such Govt. body also provides you the opportunity after due process to get the Lease Hold Property to Free Hold Property. After paying a certain fee for the said property and after necessary formalities one may become absolute owner of the property and can enjoy the property for his life time.
Experts of the team from Century Law Firm help you in converting your property from lease hold to free hold.
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