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Monday, 6 June 2016

How to buy the freehold to your lease

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.