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Buy the Freehold - Freehold Purchase Specialists for the London Area
Most Leaseholders of Long Leasehold houses have a right to buy the Freehold. The right was introduced by the Leasehold Reform Act 1967 and extended by The Commonhold and Leasehold Reform Act 2002. Aspects of the law are complex, including rules regarding eligibility. Even the apparently simple question of “what is a house?” has been the subject of much litigation and there are a number of bases of valuation dependent upon the date of the lease and archaic “Rateable Value” tests. The price of the Freehold can vary widely according to the basis of value applicable and it is important that this is established at the start of the process. Expert legal and valuation advice must be obtained at the outset to ensure that the correct basis is established.
Why buy the freehold?
Under the Leasehold Reform Act 1967 a leaseholder may be entitled to an extension of 50 years and there is no premium payable for a lease extension of a house granted under the Act. However, at the start of the new 50 year lease the ground rent may increase to a modern rent. In practice lease extensions of this type are rare as the majority of Leaseholders derive far greater benefit from purchasing the freehold interest at what is in most cases only a fraction of freehold vacant possession value.
Freehold Summary
Acquiring the freehold is a sensible course of action because:
- Purchasers prefer Freehold Houses
- Short leases (under 85 years) are hard to sell
- Short leases (under 85 years) are worth less and are harder to mortgage or remortgage
- Leases are a wasting asset... When they run out they are worthless!
- The longer you leave it the more expensive enfranchisement becomes, increased costs rising year on year
- A freehold interest does not erode with time and protects your heirs/inheritors
- As a freeholder you will not pay ground rent and will have greater control of the building and your occupation of it
- Acquiring the freehold is usually far more financially advantageous than settling for a 50 year lease extension
Areas Covered Include:
- Acton W3
- Balham SW12
- Barnes SW13
- Battersea SW11
- Bayswater W2
- Belgravia SW1
- Belsize Park NW8
- Bow E3
- Brixton SW2
- Camden N1
- Chelsea SW3, SW10
- Chiswick W4
- Clapham SW4
- Clerkenwell EC1
- Crystal Palace SE19
- Ealing W5, W7, W13
- Earls Court SW5
- Finsbury N4
- Fulham SW6
- Hammersmith W6
- Hampstead NW3
- Highgate N6
- Holland Park W11
- Islington N1
- Kennington SW8
- Kensington SW7
- Kilburn NW6
- Maida Vale W9
- Marylebone NW1
- Mayfair W1
- Notting Hill W11
- Oval SW8
- Pimlico SW1
- Putney SW15
- Raynes Park SW20
- Richmond TW9
- Sheen SW14
- Shepherds Bush W14
- Southfields SW18
- St John's Wood NW8
- Stockwell SW8, SW9
- Streatham SW2, SW16
- Tooting SW17
- Vauxhall SW8
- Victoria SW1
- Wandsworth SW18
- Westminster SW1
- Wimbledon SW19
Postcodes covered include:
- SW1-SW20
- W1-W14
- SE1-SE27
- NW1-NW6
- N1-N22
- WC1 & WC2
- EC1-EC4
- E1-E20
- KT1-KT10
- TW9 & TW10
- CR0-CR8
If you would like to get advice upon the procedure to be followed by a fee quotation for our services then call 020 4534 8950 or click the button below and we'll get right back to you.