Making the step from leaseholder to freeholder is an appealing option as you can manage and/or protecting the value of a short lease. It can be cheaper than you think – but there are considerations to take into account. Professional team leader Stewart Gray FRICS, discusses the pros and cons of becoming a freeholder, and what the process involves if you own a leasehold flat with Rightmove readers.
Click here to read the article in full.
Whole houses are usually freehold. Flats on the other hand are usually leasehold. Whether you own the freehold or the leasehold will affect your role as flat owner at your property.
The two main distinctions between owning the freehold and being the leaseholder is control and responsibility, both of which are afforded to the former. For example, decisions on how best to insure, manage and maintain your property rests in your own hands after buying your freehold.
Becoming a freeholder is an appealing option if you want to manage and/or protect the value of a short lease. The process can be surprisingly inexpensive – around the same price as extending the lease – but this does depend on the terms of your lease and the number of participating flat owners in the enfranchisement (i.e. buying the freehold).
If you decide to extend the lease rather than buy, our article also addresses the importance of knowing the length of your lease and why a lease extension becomes more expensive as the lease length reduces.
If you are planning to either extend your lease or buy your freehold in the South of England, please get in touch with the Austin Gray professional services team on 01273 20 19 80 or firstname.lastname@example.org who will guide you through the process.