Friday, June 16, 2017 Property FOCUS www.latesthomes.co.uk 1 in 15 of Kingsbridge Properties are Leasehold T


here are 23.36 million prop- erties in England and Wales, 64% being owner occupied and 36% being rented either from a private landlord, local authority or housing association.


Over nine out of ten of the those English and Welsh owner-occupied properties live in a whole house or bungalow, which most people would assume would be freehold. However, for those renting, nearly half of rental properties, 44% to be precise lived in other leasehold apartments and flats.


It might be wise to quickly explain the difference between freehold and leasehold. When someone owns the freehold of a property, they own it outright, including the land it is built on, whilst a with a leasehold property, the leaseholder owns the property for the length of their lease agreement. Leaseholders must pay the person who owns land (the free- holder), ground rent and other fees. When the leasehold ends, owner- ship returns to the freeholder except the leaseholder can extend the lease or they can buy the freeholder out, although there are rules and regula- tions with regards doing that. Therefore, it would be safe to assume that houses are freehold and flats are leasehold .. wouldn’t it?


Not necessarily! Most houses are freehold but some might be lease- hold - usually through shared-own- ership schemes – but more and more new homes builders are sell- ing houses on a leasehold as well. The protection of the law afforded to leaseholders who own a flat is massive, but sadly lacking to lease- hold houses sold privately. Looking specifically at the figures, at the last count in TQ7, there were 7,667 properties. Since 1995, 9,104 properties in TQ7 have changed hands and have been sold. Next, looking at those 9,104 trans- actions in TQ7 since 1995, using data from Land Registry and solici- tors practice My-Home-Move, 6.73% have been leasehold (lower than the national average of 15%). However, concern is expressed about a few new homes builders selling new houses (not flats - hous- es) as leasehold. There has been a growing (yet small) trend for new- build houses to be sold as leasehold in recent years. While not all house builders use this model, those that do maintain it helps make develop- ments financially viable.


The issue comes when builders sell the freehold separately to an invest- ment company without informing the lease holder – which they are


legally allowed to do without telling the leaseholder. In England and Wales, the "right of first refusal" to buy the freehold is writ- ten in law to leaseholders of flats i.e. the freeholder must offer it to the leaseholders of all the flats of the building first), but not lease- holders of houses.


It is essential therefore, if you are buying a new home and it’s a house (i.e. not a flat) – please check very carefully indeed whether its free- hold or leasehold. If it is a lease- hold, whilst you do have rights, they are not as strong as for those people buying a leasehold flat. Whilst we are only talking about a very small percentage of the prop- erty market, but potentially this could end up costing thousands of pounds to those potentially affect- ed.


NOTES


1. House numbers and sales from Land Registry, office of national Stats


2. Leasehold/Freehold stats from my-Home-Move Solicitors who got that from Land Registry


Information Provided by: Appledore Lettings Limited 78 Fore Street, Kingsbridge. 01548 853 555


Living the High Life at Treetops 


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 





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L


ocated in a tucked away location within Kingsbridge, yet within walking distance of the town and open countryside, is a very special reverse level property called Treetops. Having a con- temporary feel this home is spacious and very well appointed, having been lovingly modernised by the current owners.


With living accommodation on the first floor Treetops offers an expansive and free-flowing area. A bespoke kitchen is arranged towards one end with separate din- ing area enjoying spectacular views through the French doors onto the balcony and out across Kingsbridge town. The spacious sitting room runs east to west across the rear of the property, with windows on 3 sides, having lovely secluded views down across St Thomas Church.


The bedrooms are located on the ground floor, with the master having a fully fitted dressing room, and luxury en-suite bathroom. The 2 additional double bedrooms also have their own en-suite shower rooms, offering a high degree of privacy.


Outside there is a fully enclosed hot tub, low mainte- nance gardens, detached garage and parking. Theo Spink, Senior Sales Negotiator in Kingsbridge said: “The privacy and seclusion of this immaculate property is a rarity in town and it can truly be described as a unique property.”


Treetops is offered for sale at £475,000. For further information, please contact Marchand Petit’s Kingsbridge office on 01548 857588. Alternatively visit the website at www.marchandpetit.co.uk.


  


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