How to Buy the Freehold of Your Home
Buying a freehold of your property also known as, leasehold enfranchisement has gained the attention of media over the years. Leaseholders can now easily make a claim due to recent changes in the law. In line with falling property prices, this is an ideal situation for leaseholders to capitalise on their investment. However, this aspect of law is still viewed complex and puts off several leaseholders, which is why selecting licensed conveyancers is highly recommended. Buying freehold may not sound as easy as it does but acquiring professional licensed coveryancers is crucial so that the process of buying freehold is streamlined.
Understand Your Rights
The rights of a leaseholder are categorised in to separate categories. The first is the right to buying freehold property either individually if you own a leasehold home or collectively if it concerns a block of flats. In case you are not interested in going through this complex procedure buying a freehold you can always extend your lease. Both rights are governed by separate Acts and in order to make a claim under either Act there certain restrictions. For instance, if the leaseholder in interested in buying freehold of his property or wants to extend his lease then they should have owned the property for at least two years before making any claims. However, in the case of collective enfranchisement claim this doesn’t apply. A licensed conveyancer can provide you with more information concerning your claims.
There are several reasons why an individual or a group of people would consider buying a freehold of their homes. One of the most compelling and alluring reason is to get rid of the landlord because disputes between the both are common and hostilities usually run high. But are you ready to take control of the building on your own or with a group of people and assume responsibility for its everyday management and maintenance? If yes then for several people buying freehold of their property seems to be an appealing investment.
One benefit of collective claim is the ability of new leaseholder to grant themselves with 999-year leases, which eliminate ground rent and include preferential terms. If all this is becoming too technical for you, it is always recommended to approach licensed conveyancers who possess the necessary expertise and knowledge to tackle the issue. The new leaseholders can also relax provisions in their leases, which ultimately stop them from making any changes to their property.
Getting Everything Together
Before going aboard with your claim it is important to be organised. If a group is seeking to buy a freehold of a block of flats, they will be required to set up a company that will act as a purchaser. Licensed conveyancers can help you establish a company who will be responsible for the daily management and running of a block of flats. The conveyancing cost of setting up such a company will comprise legal fees depending on what the licensed conveyancers and you have agreed on. Although the procedure might seem very complex and long by employing a countrywide conveyancer, you will be able to execute every legal issue professionally. Buying freehold of a property involves various aspects from conveyancing costs to selecting the right countrywide conveyancer. Therefore, it is always best to obtain professional advice at all stages of conveyancing.