Selling With An Absent Freeholder

If you’re looking to sell with an absent freeholder, there are some straightforward tips discussed in the guide below.

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Your top questions when selling with an absent freeholder

✅ What is a property with an absent freeholder?

Freehold properties are those where someone outright owns the building and the land on which it is located, whereas leasehold homes are those where someone pays a freeholder a set ground rent each year to have ownership of their property for a set amount of time. If you’re a leaseholder and can’t contact your freeholder, they are considered an absent freeholder.

✅ What are some common problems with having an absent freeholder?

Having an absent freeholder can cause a host of problems for leaseholders, particularly when they are trying to sell a property. Common issues include leaseholders potentially having to cover the cost of repairs at the property that the freeholder would typically pay, not being able to know where the ground rent money is going, and a number of other complications.

✅ How can an absent freeholder affect trying to sell a leasehold property?

An absent freeholder can make it more difficult to sell your leasehold home to a private buyer because mortgage companies may be hesitant to give a loan to a buyer because of the legal risks involved with the property. You can overcome this hurdle by selling your property to a quick buyer like LDN Properties that has plenty of experience with buying this type of home.

✅ Is selling to a quick buyer the fastest way to sell my house or flat?

Yes, typically quick buyers are the speediest option for selling a property because the entire process should only take a handful of weeks, and that includes key steps such as paying you the proceeds and exchanging contracts. The other main methods of selling, including using an auctioneer or estate agent or selling on your own, will often take at least a few months.

✅ What solutions are available for a property with an absent freeholder?

You could try pursuing a few different legal options that may result in helping to ease the sale of your leasehold property in the event you cannot locate the freeholder. Some steps include applying to a court for a vesting order through which you can take ownership of the freehold, or having a buyer obtain indemnity insurance in case the freeholder eventually returns.

✅ Will I have to pay fees when selling my home with an absent freeholder?

Not necessarily. If you sell your home without any assistance, or you sell to a zero-free quick buyer such as LDN Properties, then you won’t be required to pay any commission. If you sell through an estate agent or auctioneer, they’ll typically charge fees based on your property’s final sale price.

✅ Are quick buyers a trustworthy option when selling my property?

Yes, if they belong to The Property Ombudsman (TPO), which is an independent entity that writes regulations to protect homeowners against fraud in the quick buying industry. Always ask individual quick buyers to prove if they are registered with TPO. Be cautious of selling your house or flat to any company that can’t establish it is registered with TPO.

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