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.
The main cost that you have to pay is the price (premium) for purchasing the freehold.
There are other costs involved in the process but that depends on whether you are negotiating informally or formally with the freeholder.
If you are negotiation formally and buying the freehold under the law, 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 negotiating informally to buy the freehold you should ideally have a written agreement as to what costs you will pay. In this case there no hard and fast rules and it depends what you can negotiate with the freeholder. 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