Purchase Of Freehold
Freehold property means that the owner has complete and absolute ownership of the land, and all buildings that stand on the land.
The owner of the freehold property is therefore in a position to do what they wish to and with the property, in accordance with local planning regulations. However, more and more property management companies and developers are selling flats and other homes as leasehold properties.
Owning a leasehold property means you own the building but not the land it is built on. The freeholder owns the land and you pay ground rent.
Reasons to buy your freehold
- The shorter the remaining time on your lease, the more the freehold will cost to buy
- Some people can be put off buying a house that isn’t freehold
- Many 99-year leases will now have less than 60 years left on the lease
- Mortgage providers can be reluctant to grant mortgages when there is only a short period of time left on the lease, so prospective purchasers may have problems
At Tickle Hall Cross we can explain all the options available to you and the consequences of any decisions made should you be offered to purchase your freehold.
Please contact freephone 0800 854379 for a quote today.