Quiz - how well do you understand your lease?
Understand the key things you should know about your lease. If you are a purchaser, this can help make sure your solicitor has covered all of these points and explained them clearly to you.
If you are buying the freehold under the Leasehold Reform Act 1967 you are liable to pay the freeholders reasonable legal and valuation costs. If you cannot agree what is reasonable, either party may apply to the First-tier Tribunal (Property Chamber) for an assessment to be made. If you are privately negotiating the acquisition of the freehold you should ideally have a written agreement as to what costs you will pay. The legal costs can vary depending on the complexity of the matter.
Buying the freehold can be a difficult process. We recommend you get professional help from a solicitor and surveyor with experience in this area.
More information you might find useful:
- Houses – Qualification and Valuation
- Application to the First-tier Tribunal (Property Chamber)
- More Frequently Asked Questions on Houses – Enfranchisement and Lease Extension
Still not found the answer?
Contact LEASE to have your enquiry dealt with by one of our experienced advisers