Property ownership
When you come to buy or sell a property, there are several terms that will be used to describe ownership.
Freehold
If a property is said to be freehold it usually means that the land on which it is built belongs to the owner. The owner will be able to sell it to whoever they wish, usually without conditions. There are generally far fewer restrictions on the use and enjoyment of a property than with leasehold property. Also, leasehold property grants a right to live in the property for a set number of years whereas freehold has no time limit.
If you are buying or selling a flat it is fair to assume that it will be leasehold, because almost all flats or maisonettes are. However, leasehold ownership is not just limited to these types of property.
A leasehold property is sold with a long term tenancy giving the owner rights to live there. Ownership usually includes everything within the four walls of the part of the property you are buying, but doesn’t usually include the external or structural walls. A lease sets out any contractual obligations and relevant conditions on the use and occupancy of the property.
Leases tend to involve much more work for us. This is because the documents set out detailed rights and obligations which have to be carefully considered. There are additional enquiries to be made and usually notices which need to be served on management companies and/or landlords.
Because of this, additional fees of £150 plus VAT are charged for leasehold work, but these will be included in the quote you receive when you enter the property details in our quick quote calculator.
Sometimes known as affordable housing, shared ownership schemes also involve additional work. We have to liaise closely with the organisation (who will share ownership with you) running the scheme and usually the property will be leasehold.
As explained above, leasehold properties also involve more work. The documents set out detailed rights and obligations which have to be carefully considered. There are additional enquiries to be made and notices which need to be served on management companies and/or landlords.
Additional fees of £200 plus VAT are charged for shared ownership work, which includes the leasehold fee. These fees will be included in the quote you receive when you enter the property details in our quick quote calculator.
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