Freehold and Leasehold
If you own – or are looking to buy – a leasehold property, you are probably subject to terms and conditions in your lease. New-build properties are often leasehold and may be for longer terms, such as 50 – 500 years.
When you buy a leasehold property, you become the leaseholder which means you own the property but not the land it sits on, which is owned by the freeholder. If you own a freehold property, you own both the property and the land it sits on.
Quite often with leasehold properties, you need to pay an annual ‘ground rent’ fee, which can range greatly from a few pennies to hundreds of pounds. If there are common areas serving the development, you may also be obliged to pay for their maintenance costs.
It is common for there to be covenants (or terms) in the lease which you must comply with, such as obtaining the freeholders permission to make certain adjustments to your property or the grounds. Our solicitors are able to provide expert advice and assistance on a wide range of issues related to leaseholds and freeholds, such as:
- Purchasing of Freehold
- Selling a Freehold
- Extending your Lease term
- Varying other terms of your Lease
ASL are also able to assist with purchasing freeholds, negotiating disparities in leases and selling freeholds to a third party. If you’d like to discuss any of these topics further, please call our specialist conveyancing team on 01706 711 176 to discuss further.