We know selling your property and buying a new one is exciting, however, if you are not sure of the process it can be a little daunting. At Adel Jibs we continue to help property owners locally and across London with their conveyancing needs.
For a free no obligation quote call our conveyancing team on 02034173859 today.
As a freehold property owner, you have full ownership of the property and the land on your property. Most houses in the United Kingdom are freehold properties.
If you have a leasehold property this is most common with flats and apartments, you would have to pay rent on the land built on your property.
With a house you are buying the freehold and with a flat you are buying a share of the freehold.
What is the benefit of purchasing a freehold property?
The purchase of a freehold property gives the purchaser not only the benefit of being able to extend a lease but also the ability to run affairs and manage .
Is it possible to purchase the freehold?
Yes, however there are some conditions that must be met before application can be made to the landlord to purchase the freehold of the building and they are.
- The building must have a minimum of at least two flats.
- Where there are only two flats both of the lease holders must participate.
- In a larger block of flats the number of leaseholders who wish to participate must represent at least 50% of the flats of the building.
- There must not be more than 25% of the internal floor area of the building in non-residential use, for instance a restaurant or shop.
Why Choose Adel Jibs for your Freehold Conveyancing ?
We’ve helped people and continue to do so across London to help them buy and sell their property with minimal fuss and ensuing that you understand the whole proceed using our refined approach.
For a friendly and personal service, contact our conveyancing on 02034173859 and get you free no obligation quote.
We now offer late night legal advice, by appointment only, on Tuesday, until 8pm.