If you own or are looking to purchase a leasehold property, you will usually be subject to conditions in a Lease.
New-build property will also often be leasehold and may be for a term of 125 or 999 years.
When you buy the property, you become the leaseholder, owning the property but not the land it sits on. The land is owned by the freeholder. When you own a freehold property, you own both the property and the land it is on.
With a leasehold property, in many cases you will be required to pay an annual fee called ground rent, which could be as little as a few pence or as much as a few hundred pounds per year. You may also be required to pay maintenance costs for certain services if there are common areas serving the development.
There will often be covenants in the Lease which you will have to comply with, for example, you may have to obtain the freeholders consent if you wish to make certain alterations or use your property for a particular purpose.
We can advise on a wide range of issues relating to your Leasehold and Freehold interest to include:-
Reviewing and explaining the terms of your Lease to include in particular the rules you are subject to and rights of way issues.
AST Hampsons Property Law team based in Rochdale and Bury can discuss your options with you. We can arrange for the purchase of the freehold and also negotiate variations in the Lease. We can also deal with the sale of the freehold to another party.
We have helped thousands of people with their property enquiries so if you are thinking of buying your freehold, why not give AST Hampsons Property Law team a call on 01706 653322 (for our Rochdale Branch) or 0161 763 1000 (for our Bury Branch). You can also email us at [email protected]
We don’t make any charges for your enquiry and we would love to have a chat about how we can help you so contact us today.