Are you the owner of a leasehold house property and thinking about purchasing the freehold? If you are, we can help.
Because you only own a leasehold property for the length of the lease, it can sometimes be harder to sell it or raise a mortgage on it, especially when the time left on the lease drops to below 80 years. Purchasing the freehold can enhance the value of your property and provide you with more security for the future. Other advantages can include no longer having to pay ground rent to the freeholder, avoiding restrictions in the lease about matters such as making alterations, use of the property and sub-letting. Buying the freehold enables you to take control over the management of your home and also makes your property that much more attractive to future buyers who need mortgage lender assistance.
Do I qualify for a purchase of the freehold?
In summary, you would need to satisfy the following conditions:
- The building must come within the legal definition of a house
- The lease must originally have been for a term of 21 years
- You must have held the lease for at least the last 2 years
How can we help?
The process for purchasing the freehold and fixing the purchase price where you “own” your home on a long lease can be tricky. Satisfying the qualifications for purchase is normally the easy bit. The procedure itself is more complex and is set out in the Leasehold Reform Act 1967 and the Enfranchisement Regulations. This is where we can help, by explaining things to you in simple terms, guiding you through each step of the process and doing our best to put you at your ease.
If you decide to instruct us, you will benefit from:
- Competitive fixed fees with no hidden costs
- Proven experience of leasehold purchase work
- Clear jargon-free advice
- Regular up-dates by phone or e-mail
- A friendly, professional, and, reliable service
- We are accredited members of the Law Society’s Quality Conveyancing Scheme
Contact us today and we will be happy to speak to you about how we can help you through the process of purchasing the freehold on your leasehold house.