Increase the value of your property. Achieve greater security. Control your own destiny. Whatever is motivating you to buy a freehold, we can help make it happen with minimum stress.
Need to negotiate a freehold purchase? Receive expert advice – get in touch or call 0191 5666 500 for a friendly discussion.
Owning a leasehold property can sometimes become very complex.
If the time left on the lease drops below 85 years, the property can be worth significantly less than its true market value. It might make it harder to sell or it could impact on your future financial plans.
Buying the freehold may be advantageous for everyone involved.
Sometimes referred to as Leasehold Enfranchisement or a Freehold Reversion, the process often involves complicated procedures relating to valuation and entitlement.
We have extensive experience in a range of leasehold enfranchisement options. Whether you are an individual tenant or part of a Residents Group we can advise you of your rights and guide you through the process.
Why do you need legal assistance for a Freehold Purchase?
Landlords and leaseholders are free to negotiate amicably between themselves without the need for a solicitor, but what would you do if reasonable terms are not offered or difficulties arise?
With our help and expertise, the process will always remain on track as our specialist solicitors will be on hand to offer advice at every stage.
To acquire the freehold the current owner will require a premium i.e. a lump sum payment which is agreed upon by both parties. It is also normal practice for the leaseholder to pay the freeholder’s legal fees, as well as their own.
To ensure the legal title to the freehold is transferred into your name correctly we will also carry out all of the conveyancing and legal work.
Why might you buy the freehold of a property?
If you are a Leaseholder, you only own the property for the length of the lease. The landlord has the residual ownership or ‘freehold’ of the building and land on which it resides.
Many modern leases grant a term for a definite period of 99 years. Once this expires the property goes back into the ownership of the freeholder – unless the leaseholder pays a premium to buy the freehold or takes advantage of the right to a lease extension.
Many lenders will also refuse to offer a mortgage on leasehold properties with less than 85 years left on the lease making them hard to sell.
If you want to take back control and potentially increase your property’s value a freehold reversion purchase could provide the perfect answer.
We can also advise on Lease Extensions – click to learn more now!
How we can help with a freehold purchase
With our friendly support and expert legal advice, you can minimise the stress of buying your property’s freehold.
We will do our best to make the process as smooth as possible. We will communicate with you regularly so you always know what is happening.
We offer:
- A single, dedicated point of contact
- Friendly and efficient experts
- An explanation of all key terms clearly so you understand options
- Help to navigate complex legislation
- Practical advice at each stage
- Clear & competitive costs
Accredited by the Law Society Conveyancing Quality Scheme our team of Conveyancers in Sunderland can help with leasehold enfranchisement in the North East or anywhere else throughout England & Wales.