Explain
Lease-hold and Free-hold Property. Give different types of Life Lease-hold
Property and Explain Life Lease.
Freehold Property
A free hold property means that
the owner is in absolute possession of the property and the owner can utilize
the same in any manner, he likes subject to the rules and regulations of
Government and local authorities. He may use the property by himself, he may
grant leases, or tenancies for short period or any period.
Leasehold Property
It indicates the physical
possession of the property and the use of it may be allowed by the original
owner (lessor) as per lease document. The owner of a freehold property, may
give permission to any other person to use his free hold which is known as
giving property on lease.
The person who takes lease is
known as lessee or leaseholder and the owner who grants lease is known as
lessor.
Types of Lease hold property:
Building lease
occupation lease
sub lease
life lease
Life lease
When the period of the lease
granted by the free holder is the duration of the life of the lease or some
other person it is called life lease. Such lease for the life is determinable
on the death of the party in question.
Explain
the method of preparing approximate estimate for a Theatre.
Each building is constructed to
serve some purpose, here it is Theatre for entertainment to peoples and this
theatre is designed to accommodate contain number of chairs. Each chairs is
then considered as the service of the theatre. Whenever a building is
constructed the concerned architect/engineer keeps the record of the place of
construction, actual cost of the construction. From this record it is possible
to work out the cost of construction per service unit, thus, cost of construction
per service units.
= Total cost of construction /
Total number of service units
These cost are very approximate
and will vary considerably with building of different sizes, shapes, kinds of
construction quality, locality and time.
In this case, cost of
construction per running meter is multiplied by the total length of the
building and cost of the end walls (workout by finding out the cost of one wall
and multiplying it by their total number) added to it.
Therefore, the cost estimated
is generally found to be fairly close to the actual cost of construction.
