If you’re thinking of buying the freehold of your property, contact one of our lawyers today for expert information and advice. The purchase of the freehold gives the individual the ability to extend their lease on any terms they desire, as well as being able to decide their affairs and management of the building where the property is situated.
We also act in the purchase of freeholds to houses as well as flats, and can act for you if you are extending your lease.
What are the conditions of buying the freehold?
There are some conditions that you will need to be aware of before purchasing the freehold. These are:
- The building must have at least two flats
- Where there are only two flats, both leaseholders must be involved
- There is a maximum of 25% which can be non-residential use, for example, a shop or office on the ground floor
- In a large block of flats, leaseholders who would like to be involved in the purchase of the freehold must represent at least 50% of the flats in the whole building.
Advantages and disadvantages of purchasing the freehold
Advantages of buying the freehold:
- You will save money on legal costs
- You will save money on administrative costs
- You will be in charge of the management of the whole building
- You will be in charge of the maintenance of the whole building
- You will decide on the building’s insurance
Disadvantages of buying the freehold:
- You will be required to negotiate and cooperate with the other leaseholders
- Could potentially cause disagreements
What happens next?
You will need to obtain a valuation of the cost of extending the freehold in question. You can then contact one of our lawyers, and we will provide advice and information to move forward. You will be given a dedicated lawyer, so you know exactly who’s in charge of your case 24/7
