Purchasing the Freehold of Your Leasehold House

Megan MacPhee, Lawyer Housing & Property Disputes | March 23, 2023

Freehold ownership means that the homeowner owns the property and the land it sits on outright, without any limitations on the length of ownership. There are many benefits to purchasing the freehold of your leasehold house.

Firstly, it gives you complete control over your property. In most cases, you are free to make any changes to the property without seeking permission from a third party. Additionally, it can increase the value of your property and make it more attractive to potential buyers in the future.

To purchase the freehold of your house, you will need to follow a specific legal process. Firstly, you will need to serve a notice on the freeholder stating your intention to purchase the freehold. The professionals instructed by you will then need to negotiate the price to be paid with the freeholder.

Once the price has been agreed upon, you will need to complete the transaction by paying the agreed sum and having the ownership of the freehold transferred into your name. The process can be complex and time-consuming, but with the right guidance and support, it can be smooth and straightforward.

In summary, purchasing the freehold of your house gives you complete control over your property and can increase its value. If you are considering purchasing the freehold of your leasehold house, it is essential to seek professional advice and guidance to ensure that the process runs smoothly.

Please note

The information on the Anthony Gold website is for general information only and reflects the position at the date of publication. It does not constitute legal advice and should not be treated as such. It is provided without any representations or warranties, expressed or implied.