Freeholds and Ground Rent Advice: Sales and Purchases
If you are looking for specialist legal advice relating to the sale or purchase of freehold interest, or advice relating to ground rents, the experts at Clough & Willis Solicitors are here for you.
Our dedicated property law team have many years of experience acting on behalf of clients in the sale or purchase of freehold interest, and will be able to guide you through the process efficiently and quickly.
What are freeholds/ground rents?
When you purchase a property, the title to the property you purchase will either be on a leasehold or freehold basis.
If the property is a leasehold title, it will be subject to the covenants and requirements contained in a Lease. This Lease will require payment of an annual ground rent and it may also place certain restrictions on you, in particular restrictions on development/extensions without obtaining the freeholder’s prior written consent.
Benefits of purchasing freehold interest
There are many reasons you may wish to purchase your freehold. For example, it will mean you will no longer have to pay the annual ground rent referred to above, and if you did want to extend your property or make structural alterations, and your lease required Landlords consent you will no longer need to obtain this.
Further, in light of recent press coverage of the leasehold issues faced by those purchasing new build properties, many people are simply reluctant to purchase leasehold titles themselves, even when the ground rent is only for a minimal amount.
Once your purchase of the freehold is finalised, the terms of the Lease will still apply, but, as the freeholder, you will effectively be granting any consent required of the freeholder noted under the Lease to yourself.
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 where there is only this short time left on the Lease, so prospective purchasers may have problems during the buying process. Purchasing the freehold completely eliminates this problem.
How we can help
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.
If you are considering your options as either the current freeholder or someone who wants to purchase the freehold interest, we can offer you all the advice you need to come to an informed decision, with your best interests secure.
With Clough & Willis, you can be assured of getting:
- The expertise of specialist professionals
- High level of service and communication
- Continuity of service - you will deal with the same person throughout
- No call centre, no gimmicks
Need help right away?
Contact Clough & Willis
We can offer easy-to-understand advice on all areas of conveyancing and property law and will work our hardest to get you the best possible outcome - whether that is ensuring a smooth sale or negotiating a contract in your favour.