Purchasing The Freehold of Your Leasehold Property

Owning the freehold of a property has many advantages. You may have the right to buy the freehold of your leasehold at a fair price.

What is a freehold?

A freehold means you own your property or land indefinitely, whereas a leasehold means you own the property or land for a fixed amount of time.

If you currently own a leasehold in England or Wales, you may be entitled to buy the freehold. This could be due to the landlord wanting to sell, or you can make an offer yourself.

Benefits of owning a freehold:

No ground rent payments
Potential increase in property value
Makes the property easier to sell
Increased control over property management

Why is it recommended to seek legal assistance when purchasing a freehold?

Regardless of whether you’re seeking to buy the freehold of a flat or house, with other tenants or alone, it’s recommended to seek legal advice and work with an experienced solicitor.

We can assist you with the following:

Ascertain your eligibility
Value the freehold
Approach the freeholder
Assist with negotiations

What if the other tenants don’t want to buy the freehold?

You need 50% of a property’s tenants to agree to buying a freehold. The more people that participate, the more affordable it will be for everyone in terms of legal fees. Unfortunately, you need the majority to agree.