Leasehold properties in London
Leasehold properties are usually flats, but some houses can also be leasehold, although this is less common in London than in some other parts of the country. As a leaseholder, you essentially own the right to live in the property for the duration of the lease, but the freeholder owns the land and ultimately if the lease ever expired, the property would revert back to them, without you being compensated in any way.
Most leases in the London area are for terms between 99-125 years when issued, and the shorter the lease, the more the value of the property can be negatively affected, especially if the lease is considered ‘short’, which usually happens when it drops below around 90 years remaining. Some lease terms can be for as long as 999 years, but this would be very unusual for flats in London.
Reasons to purchase the freehold of a property
While some homeowners are happy being leaseholders, there are many reasons why others might want to consider purchasing the freehold of their property. These can include:
- To maximise the value of the property if you are considering selling it in the future
- To stop paying ground rent to the freeholder
- To take control of the maintenance, repairs or any improvements that may be made to the property
- For security and peace of mind that the lease can no longer run out and you lose your home as a result
- To be able to make any structural changes you want to the property without requiring permission from the freeholder (although local planning rules or limitations may still apply)
Why choose our freehold purchase solicitors?
Stephensons have a highly experienced team of freehold purchase solicitors, helping people to successfully buy the freehold or a share in the freehold of the building they live in.
With a proven track record of helping many leaseholders with what can be a daunting and complex process, we offer specialist legal support you can trust.
Get in touch to find out more by calling 0161 696 6187.