When you decide to buy a property, you are inundated with information from many different angles, much of which may be new to you. One of the pieces of information you will note detailed next to the description of a property is normally either the term ‘freehold’ or the term ‘leasehold’.
Whilst not necessarily the most enticing part of the property description, it is an essential part to note and will likely sway your choice depending upon your wishes. This article, therefore, informs you about what each term means, the potential advantages and disadvantages of each type of property and offers some useful tips to aid a smooth road to purchase your property.
The majority of properties are freehold. In fact, the Government have committed to ensuring that soon all new houses will be freehold (with specific exemptions). Freehold means that when you purchase the property you are purchasing the entire land it is built on and that you fully own the property. Therefore, it is your name which appears in the land registry as the owner.
Leasehold means that you own the property for the length of your lease agreement after which the property is then owned by the landlord again. If the property is a flat you own the actual flat during this time but do not have rights to the building as such and if your property is a house you own the actual house during this time but not the land it is built on. Effectively you are using the landlord’s home for a specified amount of time.
This is where you own part of the freehold with your landlord. However, you do so alongside other leaseholders and only providing at least half of the leaseholders within the property are willing to. This process is carried out through filling in what is known as a ‘Section 13 Notice’. Often those involved will either find their own managing agent for their share of the building or form a company to act as this.
There are laws protecting leaseholders in terms of the lease being too short. You do not bear the direct responsibility of building and land maintenance
*If the initial lease agreement spanned at least 21 years the leaseholder is normally considered a qualifying tenant
Although when buying a property your mind may initially be on location, size and the general aesthetics, it is important that you do also note the type of property in terms of freehold or leasehold. Although not necessarily the most interesting part about the property, this article proves that it is a hugely significant feature of the property.
It would appear that purchasing a freehold has the most freedom and benefits if you really want to own your property, but of course, we all have our individual requirements and motives when purchasing so a leasehold might suit some better. Whichever you go for, ensure you are fully aware of what each term means, as well as your rights when purchasing that type of property.
Some Words about us
We at Online Conveyancing Solicitors understand how much their new home means to our customers. Buying, selling or remortgaging a new home is one of the biggest investments you’ll ever make and the process can be extremely stressful and time consuming. We know that when it comes to conveyancing you want to work with a professional and experienced company who will always act in your best interest, provide real value for money and make the process as easy and straightforward as possible.
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