Should I consider buying the freehold of my home?
If you’re contemplating buying the freehold of the home that you live in, there are several important facts and steps involved you should learn about before making a final decision.
Buying the freehold of your home: three popular queries and responses
Over the many years we’ve been in business, we’ve heard countless questions about buying the freehold of a property. Here’s a sample of three popular queries that we’ve received:
✅ Should I extend my lease or try to buy the freehold on my leasehold home?
It depends on your type of leasehold property. If you live in a leasehold house, which is not typical, then you should strongly consider making an offer to buy the freehold outright. If you live in a leasehold flat, which is far more common, then it could be a complicated process and you might want to simply extend the lease instead.
✅ How expensive would it be for me to buy the freehold of my leasehold property?
The precise cost for buying the freehold of your leasehold house or flat will be specific to your home, as the price payable will be unique to that property. But you’ll also have to consider additional costs involved in buying a home, including fees for surveyors and solicitors, and possibly having to pay Stamp Duty Land Tax depending on the value of the home.
✅ How do I know if I am eligible to try buying the freehold on my leasehold flat?
The current qualifications for buying the freehold on a leasehold flat include: only 25 percent or less of the building can be for non-residential use like shops, the building must have two flats or more, and 50 percent or more of the building’s total number of flats must be in the ownership of leaseholders who also want to purchase part of the freehold.
Selling a freehold or leasehold is simple when you contact LDN Properties
Whether you decide to buy the freehold of your flat or sell your leasehold, LDN Properties is eager to talk with you about making a competitive and speedy cash offer to buy your home without charging you any fees. Talk with us today by clicking on the "Request Offer" button below, or you can also reach our friendly team of experts by giving us a call a 0207 183 3022.
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