How Can You Buy the Freehold of a Leasehold Property?

If you are the owner of a leasehold property, you may be wondering whether you can buy the freehold and how to do so. Unlike a leasehold where you own a property for a set amount of time, freehold gives you the right to own a property forever. This gives you peace of mind that the property will always be yours and could be kept in the family for generations to come. If you are considering buying the freehold of your property, this guide gives you some tips.

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Benefits of Freehold Ownership

There are many advantages of freehold ownership, aside from owning the property outright. According to Money Helper, other benefits include not having to pay ground rent or service charges as well as not having to communicate with the owner over leasehold issues.

Requirements for Purchasing a Freehold

If you are in a leasehold property, there are some requirements that need to be met to be able to purchase the freehold. This includes the property being a house with a lease that has been granted for over twenty-one years. You must also have owned the property for over two years before you can apply.

Methods of Buying a Freehold

There are two main methods of purchasing the freehold of your property: the formal route and the informal route.

If following the formal route, both the buyer and seller need to adhere to set procedures as well as follow the relevant timescales. If the leaseholder and seller are unable to agree on terms of sale or price, the formal route provides more protection for the leaseholder.

The informal way of buying a freehold would be to ask the owner directly if they would like to sell and begin discussions from there. The advantage of this is that it can make the process quicker. However, it can be more problematic should an agreement not be reached.

In all cases, it is worth enlisting the help of a conveyancing solicitor to ensure that your interests are protected.

Choosing a Conveyancing Solicitor

When choosing a conveyancing solicitor, it is always a good idea to research several firms. Freehold conveyancing quotes can differ, and you make sure you are getting the most for your money. If you need to compare different solicitors, more information can be found at https://www.samconveyancing.co.uk/conveyancing-quote.

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Securing the freehold on your property is a good idea if you want the peace of mind and the security of knowing that the property will always be yours. To get started, you can choose either the formal or informal method of purchasing, yet always use the help of an expert conveyancing solicitor to ensure the process goes smoothly.