A Leasehold property will be owned for a fixed period of time.
A legal agreement will be with the Landlord/Freeholder and will be called a Lease. The Lease will contain details about how many years you will own the property and also you will be required to pay ground rent/service charge. A leasehold property can be a house or a flat within a residential building.
When the Lease term comes to an end the ownership of the property will return to the Landlord. As well as flats being leasehold, a house can also be leasehold too. You may also have the right to extend the Lease.
For further advice and assistance, please contact our Conveyancing Solicitors in Kidderminster or our Conveyancing Solicitors in Stourport on Severn on 01562 702655 (Kidderminster) or 01299 848944 (Stourport on Severn). You can also email us on info@hb121solicitors.co.uk.
Proprietors of Leasehold properties are able to purchase the freehold, however, they will require the landowner’s permission. If you do wish to purchase a freehold, you will need to contact the freeholder and ask for their consent. If the freeholder agrees you can go ahead and purchase the freehold, however, the freeholder is under no obligations to sell the freehold to you.
Once you have received consent to purchase the freehold the costs of the property value. Please bear in mind when you purchase the freehold of a flat you will only own a certain part of the freehold. However, those wishing to purchase the freehold for a house will own the entire freehold.
The Lease will have further details and conditions in what you have agreed and will outline your rights and responsibilities. An example of some of these are as follows:-
The above list is an example only.
As a Leaseholder, you will have certain rights also which includes:-
A Lease will set out the service charge that you are required to pay. You will have the right to ask for a summary detailing how the charge is calculated and what it has been spent on, or will be. As a leaseholder you will also have the right to see any paperwork supporting the above.
For further assistance, please contact our Residential Conveyancing Solicitors in Kidderminster or our Residential Conveyancing Solicitors in Stourport on Severn on 01562 702655 (Kidderminster) or 01299 848944 (Stourport on Severn). You can also email us on info@hb121solicitors.co.uk.
