Selling Flat With Share of Freehold
There are many leasehold flats throughout the UK and some of them have a share of the freehold, creating unique issues with selling this type of home.
Your top questions when selling a flat with share of freehold
✅ What type of property is a flat that has a share of a freehold?
A typical leasehold flat is one where you own the unit for a certain number of years and pay a ground rent to a freeholder, who owns the overall building and the land on which it’s located. If a flat has share of the freehold, then you not only have a leasehold flat subject to those usual conditions but you and the other leaseholders in the building all own a share of the freehold.
✅ What are some advantages for buyers of owning a flat with a share of freehold?
These are several reasons why a prospective buyer could have an interest in your flat, including the leasehold properties with a share of the building’s freehold often have reduced ground rent and service charges compared to flats without such a share. Your flat also gives you more say over the maintenance of the building, which can be appealing to certain buyers.
✅ What are some drawbacks about owning a flat with a share of the freehold?
Buyers might have a number of reservations about making an offer on a leasehold flat that has a share of the freehold. These include concerns about the stress involved if disputes happen in the future among the freeholders about the upkeep of the property, and not wanting to have the burden of certain filing requirements and other duties attached to your freehold share.
✅ Should I extend the lease on my flat with a share of freehold before selling?
Flats that have long leases, usually more than 80 years, remaining a generally seen as more attractive to potential buyers than those with short leases. If your flat has a short lease left then you might want to consider extending it before selling, but there could be some complications involved, and you can still sell your property without having to take this step.
✅ What are my options to find a buyer for a flat that has a share of freehold?
The four typical methods for selling any property, including flats with a share of freehold, are doing so on your own, selling through an auction, selling with the help of an estate agent or selling to a quick home buyer like LDN Properties. There are pros and cons with each method, including some options having fees and other methods taking just a few weeks to sell.
✅ When is commission charged for the sale of a flat with a share of freehold?
You will have to pay commission as a percentage of your home’s final sale price if you decide to sell it using the assistance of an estate agent or an auctioneer, and this fee will be subtracted immediately from the selling proceeds. But you can avoid paying any fees by either selling on your own or selling to an honest no-commission quick buyer such as LDN Properties.
✅ What's the speediest way to sell a flat that has a share of the freehold?
You’ll find that selling any type of home through a property auction, with an estate agent or on your own are all potentially slow options, taking at least several months, if not longer. By comparison, it should only take a few short weeks to sell your home to a quick buyer like LDN Properties, and that includes exchanging contracts and you receiving the sale proceeds.
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