What are the Benefits of Buying Your Freehold?
As a leaseholder, purchasing your freehold is a bit like future proofing your asset, because if the remaining time on the lease is shorter than 80 years, your property will steadily become less valuable.
The main benefits are:
1. There's no ground rent to pay
-As you are responsible for the land, you will stop having to pay ground rent.
-When you buy the freehold, there is no lease to worry about. There will be a formal legal transfer and you will require a solicitor to do this. The title of the property will be registered in your name as part of this process.
2. You will add more value to your property
-Mortgage lenders and buyers are very reluctant to be involved with a property that has a short-term lease. Many lenders will not give a mortgage on a lease with 75 years or less left. By owning the freehold, you are making the property more attractive financially.
The process of purchasing a freehold can be a complex and drawn out process. At Banner Jones, we've helped many leaseholders take control of their own home, with our hassle-free and easy to understand approach. For more information, call our specialised team today on