Buying The Freehold Of My House
Whilst owning a leasehold house is less common than owning a leasehold apartment, there are pockets of property all over the country where houses are leasehold.
It is important to understand the difference between owning a leasehold and freehold house, so before we do anything else, we’ll talk you through the differences, advise you on the process and offer free initial advice on what the best course of action might be, depending on your particular situation.
Establishing your rights
At this stage we’ll look through your lease to ensure that you have the rights to purchase the freehold. If you don’t have a copy of your lease then don’t worry, we will locate a copy of the lease from Land Registry.
Once we’ve established the best way to proceed, we’ll draw up terms of engagement so we’re able to act on your behalf. This is important as it allows us to contact the freeholder and any other party we might need to speak to without having to bother you. It saves you a lot of stress and complication.
Calculating the premium
The next stage is working out the likely costs involved. Freehold purchase calculations can be complex, contain many variables and can be in one of several different formats. We will calculate what we feel to be the likely cost (valuation range). Again, this is all on us.
Serving the Notice
Once we’ve established the value of your property and have estimated an accurate and appropriate valuation (premium), we’ll contact the freeholder on your behalf.
At this stage we prepare and issue what’s called a Leasehold Reform Act, 1967 Notice. The freeholder has two months to acknowledge the notice and reply with the appropriate counter notice.
We hope for our first offer to be accepted – we’re experts in the field and are usually able to predict the appropriate level, but where renegotiation is required, we are able to take care of this for you too.
Completing the transaction
Once both parties agree the freehold purchase premium, we work with our experienced legal partners to complete all the necessary paperwork and arrange payment. After that, your freehold purchase will be complete.
Though there are a number of stages involved and numerous legal documents to complete, it’s important to remember that we’ll take care of all of the difficult elements for you.
Here at Leasegevity it’s our aim to help make purchasing the freehold on your property as simple as it can be. So, if you want more advice on purchasing the freehold on your property – don’t hesitate to get in contact with us.