fbpx
Chevron pointing up icon

Buying Freehold of a Leasehold Property

Buying Freehold

"They give a Rolls-Royce service...and are client-facing."

Chambers UK 2019

Buying Freehold of a Leasehold Property

If you own the freehold of your property, you own the building and the land on which it is built. Owning the freehold has its advantages: you can extend your lease to 999 years and also have control over the day to day management of the property and finances relating to the building.

Buying Freehold to Leasehold Properties

In contrast to a freehold property, if you purchase a leasehold you own the flat  only for the duration laid out in the lease. This means, once the term of the lease ends, ownership of your property and land reverts  to the landlord.

Under the law, you together with your fellow leaseholders are entitled to purchase the freehold from your landlord. If you own a flat, you can join with other flat residents to purchase the freehold, however, there are conditions that must be met. For example, two-thirds of the flats in the building must be let on long leases and at least 50% of the leaseholders must participate.

The cost of buying Freehold Financing

The calculation of the premium is a complex matter and a wide variety of conditions factor into how much buying the freehold will cost. It is essential to engage a specialist surveyor to  help with this assessment. You will have to factor in additional fees, including the legal fees and valuation costs of the freeholder, which will be your responsibility.

Overall, it is vital to get your finances in order so that you can move quickly and meet the strict deadlines.

Speak to a Lawyer

Accreditations

Latest Property Law News


Osbornes Law Osbornes Law @osborneslawyers RT @LullabyTrust: Sleeping your baby in the feet-to-foot position can prevent them from wriggling underneath the blankets and therefore hel… 2 days ago
Osbornes Law Osbornes Law @osborneslawyers Come join our Commercial Property Team! Property paralegal needed for busy department @osborneslawyershttps://t.co/QPJCHgtgM8 2 days ago
Osbornes Law Osbornes Law @osborneslawyers Congratulations to our newly qualified solicitors @osborneslawyers - Nick, Harriet, Elma, Rachel. We are committed… https://t.co/P9QdEkNpTQ 2 days ago
Osbornes Law Osbornes Law @osborneslawyers RT @mc_alexm: Retweeting this job ad- deadline for applications is this Friday. Please share with anyone who might be interested. Great tea… 5 days ago
Osbornes Law Osbornes Law @osborneslawyers We are delighted to be partnering with @CloseBrothers to present a #London Executor Education Seminar. Our partner… https://t.co/2r3M3zy9Dy 1 week ago
Osbornes Law Osbornes Law @osborneslawyers Great sessions today - thank you @Kerry_PR https://t.co/CJFXkSoFkM 2 weeks ago
Osbornes Law Osbornes Law @osborneslawyers RT @LullabyTrust: “It’s a great app which I usually recommend to prospective and new parents during antenatal and new birth visits" - Sally… 2 weeks ago
Osbornes Law Osbornes Law @osborneslawyers RT @limblessassoc: Calling Manchester, Bristol, Hull & Essex. We're excited to announce we're extending our Support and Connect Hub and we'… 2 weeks ago
Osbornes Law Osbornes Law @osborneslawyers RT @spinalinjuries: Today on #WorldSpinalCordInjuryDay charities @spinalinjuries @backuptrust & @AspireCharity have today signed a joint co… 2 weeks ago
Osbornes Law Osbornes Law @osborneslawyers We are delighted that Suzanna Baker @osborneslawyers has been recognised as a new rising star in Tax and Trust advi… https://t.co/nSLXsMCTJd 2 weeks ago
Osbornes Law Osbornes Law @osborneslawyers Thank you @HeadwayELondon for a great afternoon. Our partner Sophie Davies @osborneslawyers was pleased to be able… https://t.co/FFCSYBZ7QW 2 weeks ago
Osbornes Law Osbornes Law @osborneslawyers Financial Cases on Divorce – The Resurrection of Calderbank Offers? The latest informative blog from Lisa Pepper, F… https://t.co/boMrHy3kpn 2 weeks ago

Introducing Your Property Law Legal Team

Osbornes has an experienced team of specialist property-law lawyers to assist with your case / situation

arrow pointing up

Camden

Livery House, 9 Pratt Street, London NW1 0AE
Tel: 020 7485 8811 Fax: 020 7485 5660
DX Number 57053 Camden Town

Hampstead

28A Hampstead High Street, Hampstead, NW3 1QA
Tel: 020 7485 8811 Fax: 020 7485 5660

Contact a Lawyer

Enter your details below to receive a call from Osbornes:
Trustpilot

Speak To A Lawyer

Speak

To a

Lawyer

ENQUIRY
SUBMIT