Valuation and Law in The United Kingdom Coursework

Valuation and Law in The United Kingdom - Coursework Example The implication of the location being in a provincial town is that laws that are relevant outside of London and that apply to locations outside of cities, in general, are relevant. The literature on land acquisition in the UK notes that there are fundamentally two types of acquisition interests on UK land, one that is freehold, and another that is leasehold Freehold interests are interests that translate to maximum possession and flexibility in terms of handling, making money from, controlling, and disposing the acquired interests, because this implies that the owner of the land has full, unlimited time ownership of the property and because the owner has the right to lease the land to others in order to gain income from the land possession, if desired. Leasehold arrangements, as the term implies, are land lease arrangements where the one providing the lease has the ownership rights, while the one acquiring the lease does not have such ownership rights, but has time-bound and limited rights to occupy and to use the land. This is so, even as he has the right to solely take occupation of the land for the limited time period of the lease, and there are regular payment considerations and obligations that the land occupier must pay the landowner to continue having legal occupation rights over the property. For this paper, the discussion focuses on the full acquisition interests of freehold commercial property (Wragge Lawrence Graham & Co LLP 2015; Penningtons Manches LLP 2015). As discussed above, one of the key assumptions is that the discussion generally applies to both local and foreign acquirers of commercial property in the UK, unless otherwise specified. Moreover, the discussion also focuses on the acquisition of freehold properties, and that the shopping parade in the provincial UK town is to be acquired from a freeholder of the property (Richards 2014).