The heritable building right makes it possible to construct and use a building on someone else's land without owning the land itself. This right is usually granted for a period of 75 to 99 years and can be sold or inherited. The leaseholder pays a regular ground rent to the landowner for the use of the land.
Important aspects when selling a property with a leasehold
Consent of the landowner: The consent of the landowner is usually required when selling a property on a leasehold plot. This consent may only be refused for important reasons, for example if there are doubts about the creditworthiness of the buyer.
Right of first refusal of the landowner: The landowner often has a contractually stipulated right of first refusal. This means that they have the option to purchase the property on the same terms that were agreed with a third party. This right should be checked before the sales process.
Remaining term of the leasehold: The remaining term of the leasehold affects the sales value of the property. The shorter the remaining term, the lower the value of the property may be, as the buyer must return the building to the landowner when the leasehold expires.
Leasehold interest and adjustment clauses: Sellers should inform potential buyers about the current ground rent and possible adjustment clauses. Ground rent adjustments can influence the future costs for the buyer.
Contract review: It is essential to carefully review the existing leasehold contract in order to know all rights and obligations. Particular attention should be paid to clauses on transferability, restrictions on use and demolition obligations.
Recommendation: Obtain expert assistance
Due to the complexity of leaseholds and the specific requirements when selling such a property, it is advisable to consult a real estate agent. In the Freising/Erding region, the VON POLL IMMOBILIEN team is at your side with comprehensive expertise. They offer professional advice and support to make the sales process smooth and successful.
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