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There would be a record in the land registry, with a map. Even if the house disappeared he would still own the land. Given that it was a very basic house it's
by TheOtherHobbes 5y ago
There would be a record in the land registry, with a map.
Even if the house disappeared he would still own the land. Given that it was a very basic house it's likely the land was worth at least as much as the building.
- phkahler 5y ago>> Even if the house disappeared he would still own the land. Given that it was a very basic house it's likely the land was worth at least as much as the building. Don't underestimate the cost of building stuff on an island like that. Everything needs to be brought in by boat, including labor.
- OldHand2018 5y agoFor sure. An uncle of mine used to own property on Mackinac Island [1] that he wanted to build a home on. After years of trying to find a way to manage it, he gave up and sold: it was just too far beyond his budget (he is fairly wealthy). [1] https://en.wikipedia.org/wiki/Mackinac_Island https://en.wikipedia.org/wiki/Mackinac_Island
- sandworm101 5y ago>> Even if the house disappeared he would still own the land. Not always. So-called Ground Leases are common in many parts. The tenant owns the house but the landlord owns the land and collects rent from the building owner. I'm not clear of exactly what type of ownership rights this person had over the house let alone the underlying property.
- rsynnott 5y agoGround leases in Ireland used to be common, but they're transferrable and can generally be converted to freehold for very little money, so they don't have a significant impact on costs. That said, land on Tory Island is presumably ~worthless anyway.
- rbanffy 5y agoA lot of it probably won’t be above water in the next hundred years, so I’d seriously advise against investing in property there.