UNDERSTANDING HOW TO BUY YOUR FREEHOLD

What does it mean to buy your freehold?

Many properties in the UK are leasehold. If you own a property which is leasehold you will be liable to pay ground rent to the landlord on an annual basis.

Owning a leasehold property also means that you may have certain restrictions placed on what you can do to your property; these restrictions will be contained in the lease document.

These restrictions can take many forms but common ones which can cause problems are when you want to make changes to your property, such as building an extension, or even smaller changes such as putting up a satellite dish. If the lease specifies so then you will need to ask your landlord for their consent before making any of these changes, and the landlord can charge a fee for giving their consent, or in some cases deny the consent.

You can apply to purchase the freehold to your property if certain criteria are met. This means that the property would no longer be leasehold and that you would own the property and the land outright, with no restrictions imposed by a lease. This means that you would have greater control over what you can do with the property and also that you would no longer have to pay ground rent.

If you wish to purchase the freehold to your property you will need a solicitor to deal with the legal work. We are specialists in helping people to acquire their freeholds and have handled many cases for our clients. Please contact us for a quotation or for more information.

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