There are certain key differences in buying and selling freehold and leasehold properties. Buying the freehold of a house refers to purchasing complete ownership of a property, including the land it stands on. Freehold property transactions tend to be more straightforward, given that the property is owned outright. By contrast, leasehold transactions involve properties that have been leased for a specific period of time.
A freehold property is one where the owner owns the property and the land it sits on outright. It is the most complete form of ownership. Your freehold property solicitor will handle the legal aspects of buying or selling such properties; reviewing contracts, ensuring that the title to the property is acceptable, and facilitating the legal transfer of the property.
When you own a leasehold property, you only own what is specified in the lease and only for the term of the lease. When that lease ends, the property reverts to the owner. A leaseholder is usually required to pay an annual ground rent, together with service charges that reflect the cost to the landlord or freeholder for the upkeep of the building and any amenities land and services.
As such, it is important to understand the costs involved before moving forward. Our team of leasehold property solicitors will work to draft, review, and negotiate leases. We can work with you in the case of a dispute or an absent landlord. At all times, we will provide practical legal advice on your rights and responsibilities under the lease.