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How to buy the freehold to your lease

Monday, 6 June 2016

Once you have lived in your leasehold property, you may decide that you like the area and property enough and have the finances in place to purchase the freehold to the property. The difference between leasehold and freehold is that as a leaseholder you only own the right to occupy the building during the length of the lease but as the freeholder you own the property outright. This article will explain the process of buying the freehold to your leasehold property.

New legislation has made the process of buying the freehold to your leasehold property easier and it’s also possible to do it as a group of leaseholders who lease individual flats within one building. To have the legal right to buy the freehold you must meet certain requirements; if you do you can force the freeholder to sell the freehold to you. Alternatively, you can negotiate with the freeholder and purchase the freehold by mutual agreement.

If you have owned the leasehold to the property for at least two years and you have a long lease (usually a minimum of 21 years) you may have the right to buy the freehold to the property. The quickest way to purchase the freehold is by mutual agreement however, if the freeholder is reluctant to sell you will have to use the Leasehold Reform Act 1967 which can take longer than 12 months to complete. If you do have to use the Leasehold Reform Act 1967, the legal process of purchasing the freehold is very complicated and it is highly recommended that you instruct an experienced property legal team to process the legal side of the freehold purchase.

The experienced leasehold enfranchisement team at Rollingsons can assist you with this specialist topic. The team offers a complete service from start to finish for those looking to buy the freehold to their leasehold property. For more information or to arrange an initial consultation, please contact us on 0207 7611 4848.

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