Columnist
But, whilst owning the freehold
does means that you will have
more say when it comes to issues
relating to your property, you will
then become solely responsible
for the upkeep of the communal
areas of the building - which could
include lifts, gardens, hallways,
lighting in the corridors and front
doors.
You would have to make sure
you got quotes for this and dealt
directly with the other freeholders
(your neighbours) in the building
to work out the best way forward.
freeholders will have stringent You will then be able to extend the
There will no longer be that
regulations regarding whether or existing term by adding another
helpful buffer of the freeholder
not you can have pets, decorate 90 years.
and that certainty that the cost
your home the way you want to,
of the work will be split equally
You must employ a lawyer to do
rent out a room to a tenants or
amongst each of the flats.
this on your behalf as a notice
add an extension.
must be served on the landlord.
Having purchased a leasehold
The value of a leasehold property A valuation will need to be carried
flat, I would definitely aim for
falls as the term of the lease out to determine the value of the
a freehold property next
reduces. If your lease goes down lease extension. You will also be
time, if only for the
to less than 70 years, you may responsible for the landlord’s
knowledge that I am
struggle to get a mortgage and reasonable legal and valuation
the one controlling
a potential buyer may demand fees.
my own destiny and
a substantial discount in your
to minimize the time
If you do decide to buy the
property. So it becomes harder
taken picking apart
freehold, you will need to get
to sell, but, most importantly, the
the lease during
agreement from at least 50 per
value of your property diminishes.
the buying and
cent of the other flat owners in the
selling process.
If your lease is below 70 years, at block (eg. If there are six flats in
some point you will need to extend a block, at least three must be in
the term of the lease, irrespective agreement).
of whether you plan to sell the
property or stay in it (if it is subject
to a mortgage).
Cathy writes on UK and international
If you have lived in the property
property and travel, previously for a
for at least two years and have
wide range of national newspapers and
more than 21 years left on the
lease, you have the right to buy
magazines and now as the property editor
the freehold or extend the lease.
of online portal TheMoveChannel.com
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