How solicitors can help with the purchase of a freehold

 

‘Freehold’ is a legal term to describe complete ownership of a property. It means the holder of the title of the property is the sole owner and the property is theirs to do what they like with, subject to planning laws.

Purchase of a freehold means the purchase of the outright ownership of a property, subject to any charges on the property, such as a mortgage. Most conveyancing transactions involve the purchase of freehold property.

Leaseholds

Property can also be purchased as ‘leasehold’. This is the purchase of a long lease in a property. The term of the lease is set and can be between 99 and 999 years long.

The leasehold can be sold on to subsequent purchasers within the fixed term of the lease. The owner of the freehold is still the legal owner of the external and structural walls of the property, and any common areas within the property.

They are responsible for the maintenance and repair of the property. Once the lease comes to an end, the property returns to the freeholder.

If you are the leaseholder of a property, or one of a group of leaseholders in a shared property, you may have the option to purchase the freehold.

If you own the leasehold of a house, you must have owned the leasehold for at least two years before you can make a claim to purchase the freehold.

Freehold purchase

Freehold purchase or freehold franchising is when a group of leaseholders in a building collectively purchase the freehold to the property.

This can be a complicated process and it is recommended that a company be incorporated to purchase the freehold. The law states that 50% of the qualifying leaseholders must agree to the purchase of the freehold in order for a sale  to be possible.

A property solicitor’s expertise is highly recommended in the purchase of freehold properties.

If you would like to obtain legal advice on the purchase of a freehold, Contact Law can put you in touch with a local specialist property solicitor free of charge. So, if you have any questions or would like our help in finding local property solicitors please call us on 0800 1777 162 or complete the web-form above.

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