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PROPERTY - Buying & Selling Leasehold Land

Leasehold Property

Buying leasehold property

Buying Leasehold Property

When buying a leasehold property there may be additional complications. It is often a requirement of the lease that the owner of the freehold is notified when the lease is transferred. There may be a fee payable to their solicitors.  We will need to obtain confirmation that the service charge and ground rent is up to date and check the management company accounts. Retentions may be required to cover arrears of service charge. There may be a share in the freehold company which will need to be transferred.

Extending Your Lease

Provided you have owned the property for at least two years, you have the right to apply to the owner of the freehold to extend the lease. A premium is payable to the owner of the freehold. Where leases are less than eighty years there may be problems obtaining a mortgage. Extending the lease will increase the value of your property.

Buying The Freehold

Where the freehold is owned by a third party the leaseholder has the right to purchase the freehold. If there is more than one leasehold interest then they can collectively apply the freehold. Advice should be sought regarding ways of managing the property once it has been purchased.

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