Leasehold is a right by which the owner of the land, the freeholder, provides a third party, the lessee, with the right to build, own or maintain a construction on the plot or site.<\/p>\n
This right is registered as a \u201cbuilding\u201d in the Land Registry and serves as a base for establishing a condominium which allows three buildings (in the legal sense) to be registered in the Land Registry: the plot (land), the leasehold and the condominium units which belong to individual owners.<\/p>\n
The leaseholder (in this case all the condominium unit owners) pays a surface rental to the owner of the land. This rental is part of the condominium costs; each owner contributes in proportion to the area of his unit.<\/p>\n
Leasehold is usually long-term but not more than 100 years. It is customarily renewed before it expires. As the case may be, the contract has an exit clause \u2013 in general a fair indemnity that the leaseholder pays to the freeholder.<\/p>\n
This form of ownership is not yet common in Geneva, but well known in Z\u00fcrich.<\/p>\n
It is very common in London where more than half of the apartments are in leasehold, including most high-end addresses (such as Mayfair, Belgravia and Eaton Square).<\/p>\n
Given the need to increase the density of construction in Geneva, we are convinced there will soon be more projects of this kind in central locations, such as the Adret-Pont-Rouge development.<\/p>\n
With respect to the SAPHIR building, the leasehold rights are the following:<\/strong><\/p>\n <\/p>\n\n