Diana Lotfi, a property solicitor at Starck Uberoi, explains the difference between leasehold and freehold property. The is a really useful watch for anyone who’s buying property, particulary first time buyers who may be unfamiliar with the property buying process.
Prefer to read about the difference between leasehold and freehold property?
Here’s the video transcript.
Are you considering purchasing property in the UK? It’s important to understand the difference between leasehold and freehold property ownership.
Today we’ll explore the key distinctions between leasehold and freehold property ownership.
If your property is leasehold, which most flats are, you own the property but not the building or land around the property. You will often pay ground rent and or service charge to the freeholder or management company who own the building and who may provide maintenance and management services.
You and most likely your successors will have a right to live in the property for a set number of years. Most leases have an outstanding term of anywhere between 80 and 999 years. This will be specified in your lease. If you wish to carry out alterations to your flat, then you will need to ask the freeholder or management company for their consent.
However, if your property is freehold, which most houses are, it means that you own the building and the land that it sits on. In other words, you own everything including the bricks, mortar and the land and you are free to develop as you wish within the confines of planning legislation, of course. You are also solely responsible for the maintenance of the building and any garden. Unless the property is a new build, it is unlikely that you will pay rent to anyone as you’re the freeholder.
Understanding the implications of leasehold and freehold property ownership is crucial when purchasing property in the UK. Leasehold sales and purchases in particular can be very complex.
You may want to read:
A Conveyancer’s Guide to Selling a Leasehold Property
Getting good advice from the start is crucial to avoiding lengthy delays later on. For help and assistance navigating these complexities, please do not hesitate to contact us at Starck Uberoi Solicitors.
How we can help
Our residential property solicitors have vast experience in buying leasehold and freehold properties and pride ourselves in offering an efficient and reliable service.
For more information please visit our Conveyancing page or get an instant online conveyancing quote.
For an appointment at any of our offices, email us at solicitor@starckuberoi.co.uk or call 020 8038 5354.
Our Offices
Whether you are closer to our Brentford office, our Ealing office, our Belgravia office, our Pinner office, our Richmond office or our Canterbury office, you can arrange an appointment at whichever suits you best.
Our partner, Raminder Uberoi, can also provide a Notary Public Service at any of our London offices.
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We’re a six-partner practice accredited by the Law Society’s Conveyancing Quality Scheme (CQS) with £3 million professional indemnity insurance. Our quality service is recognised by our admission onto the residential conveyancing panels of major mortgage lenders, including bridging loan specialists.
