Buying your Freehold
Properties in England may be either Freehold or Leasehold.
Owning a leasehold property 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. You will be liable to pay ground rent to the landlord on an annual basis.
The restrictions in a lease 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. These clauses do not mean that you cannot carry out the changes at all, simply that 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.
For flats the rules are different. If you own a leasehold flat then you can purchase the freehold to the flats collectively with other flat owners in the same property. This is known as collective enfranchisement.
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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