Sale and Purchase of Freeholds/Ground Rents

Many people who own leasehold properties also wish to own the freehold interest. Owning a leasehold property means you own the building but not the land it is built on. The land is owned by the freeholder and you pay ground rent to them in accordance with the terms of your lease. Your lease may also contain restrictions preventing you from doing certain things with the property, such as adding extensions or conservatories, without obtaining the consent of the freeholder.

There are many reasons why people wish to purchase thier freeholds.  Some people wish to do so to avoid the restrictions as detailed above. If you own the freehold interest for your property you are able to do what you wish with the property, subject to local planning regulations. When the freehold is purchased, the terms of the lease still apply but, as the freeholder, you will effectively be granting consent to yourself.  You will also no longer be required to pay ground rent.

In addition, where the initial lease was granted for a short term, such as, for example, 99 years, some mortgage companies can be reluctant to grant mortgages when there is only a short period of time left on the lease, so prospective purchasers may have problems in obtaining a mortgage to purchase your property. Purchasing the freehold eliminates this problem.

If you have been approached by your freeholder or have contacted them and agreed a price to purchase the freehold we can act on your behalf in the purchase. Our experienced Conveyancing Solicitors will guide you through the process efficiently and quickly. 

Lorraine Stratton-Webb: lorraine.webb@clough-willis.co.uk