How to Buy the Freehold of Your Home

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.

Why Bother?

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.

What our clients say

Great value for money. Everything went smoothly and I was very pleased with the service provided
Rachel Whitfield
Rachel Whitfield
20:59 12 Oct 18
Excellent! Very responsive, and really helped to push the purchase. There were unexpected delays during the process, but Anthony really helped to reassure me that he was doing everything he could to progress the sale. Ultimately, it all worked out in the end, and I would highly recommend! I would also recommend for auction purposes.
Sean Stevens
Sean Stevens
09:14 21 May 18
Very happy customer. Understanding of our needs and recommended a really fantastic solicitor.
Jack Hearne
Jack Hearne
17:49 12 Oct 18
I have just completed the purchase of my flat with them. They were recommend by the estates agents Phillip Arnold and they were fantastic. My case was handled by Milena who was really helpful and always available on the phone. The online system is also really easy to use. If I buy or sell a property I will definitely be using them again.
Sharon Kelly
Sharon Kelly
18:27 20 Dec 17
I used this service following a recommendation. The online case tracker worked really well. I would recommend this service as it's vital in the coordination between Estate Agencies and between Solicitors. The service proved invaluable in helping progress the conveyancing work efficiently and effectively. Completed the transaction just before Christmas having instructed the Solicitors on the 4th.
Shelly Harrill
Shelly Harrill
16:30 19 Dec 17
Excellent Service. Final Price same as quoted.
A Google User
A Google User
14:26 19 Dec 18
Have used them twice. Both times completion happened in less than 4 weeks, even over Xmas! Totally amazing. They take the stress out of the whole process.
Daniel West
Daniel West
13:04 21 Dec 18
Excellent Service. Final Price same as quoted
Parsa Khamooshi
Parsa Khamooshi
15:54 21 Dec 18
Being a first time buyer they guided me smoothly through the whole process of moving into my first home. Very professional and economical.
Uday Seth
Uday Seth
12:31 24 Dec 18
Express Conveyancing have been excellent in the handling of my recent house sale and purchase. Would highly recommend
James Ellis
James Ellis
11:43 30 Apr 19
Express Conveyancing have been excellent in the handling of my recent house sale and purchase. Would highly recommend
Michelle Preston
Michelle Preston
12:20 30 Apr 19
ThanksThanks for handling my sale and purchase. No complaints from me. Rebecca was regularly on hand to help with my queries and deal with issues.
Claire Miles
Claire Miles
17:48 07 May 19
I bought my first home in South London with Express Conveyancing . Great professional service, I was regularly updated and looked after. Top marks, 100% recommendation from me!
Dale Griffiths
Dale Griffiths
15:58 02 May 19
Good service and happy with the conveyancer
Chris Jenkins
Chris Jenkins
22:01 17 May 19
Great service from start to finish. Was great being able to see progress online! Very quick and efficient! All staff were helpful. Highly recommend
Reece Moseley
Reece Moseley
06:20 30 May 19
I would highly recommend them. They deal with any queries promptly and efficiently. Would definitely use them again.
Sahar Dalini
Sahar Dalini
09:13 10 Jun 19
Fair prices good efficient service
Sue Batchelor
Sue Batchelor
18:46 01 Jun 19
I would highly recommend them. They deal with any queries promptly and efficiently. Would definitely use them again.
Sahar Dalini
Sahar Dalini
09:14 10 Jun 19

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