Buying your freehold
For those of us who own our homes on a leasehold basis, ie; where we own an apartment or house, but not the building or land that it sits on, we will have essentially bought the right to live in that property for a set number of years. As such, unless granted a leasehold extension which, of itself, can be complicated and costly, the property would revert to the freeholder on expiration of that term. We will also often be liable to pay annual ground rent to the freeholder and may even be subject to excessive charges and other onerous terms.
The length of a lease can vary, but once the term of a leasehold has decreased to between 80-90 years, potentially giving rise to issues on remortgage or re-sale as a ‘short lease’, either an extension will need to be sought or the freehold will need to be bought. That said, a leaseholder can ask the freeholder to sell them the freehold at any time.
There are different legal steps and rules depending on whether a person’s home is an apartment, where they would need to buy a share of the freehold together with the other leaseholders, or a house, where the owner may have the right to buy the entire freehold. Some landlords will agree to sell the freehold without the need for a formal claim, although homeowners may qualify for enfranchisement or collective enfranchisement. This refers to the right to buy the freehold of a house or a block of flats without the landlord’s agreement.
In either scenario, it is essential to have an experienced property lawyer on board to help with any claims process, where necessary, and to undertake the necessary conveyancing to successfully transfer the legal title of the freehold from one person to another or others.
What we do for our clients
At Farnworth Rose Solicitors we have a wealth of experience in helping clients buy the freehold to their property, whether collectively or individually, both by agreement with their landlord or by making an enfranchisement claim to exercise the right to buy without the landlord’s agreement, provided certain qualifying conditions have been met.
Our expert team of property lawyers have helped a wide range of clients to successfully buy the freehold, ensuring that the property remains suitable for resale and one against which the client can easily secure any additional borrowing, if necessary. We are also wholly committed to making the process of buying a freehold as streamlined as possible, explaining each stage without complicating things with unnecessary legal jargon.
How we can help you
If you are looking to buy the freehold to your property, either as the owner of a house, or by pooling together with other leaseholders as the owners of various leasehold apartments, we can help you to navigate this process, either with or without the landlord’s agreement.
To find out how we could help with your freehold purchase, including advice on what work will be needed and the potential fees involved, please get in touch with our experienced team. We will be happy to respond to any enquiries and provide you with a tailored quote.
How you can contact us
For expert advice and assistance on transfers of equity, call Farnworth Rose today on 01282 695 400 or complete the form below and we’ll be in touch.
