With a leasehold title you will only own and be able to use the property for the number of years that are left on the lease. This is known as the ‘remaining term’. When this has run out the ownership of the property will revert back to the freehold owner. As a leaseholder you will often have to pay a ground rent, service charge and maintenance costs for the building to the freehold owner.
Our specialist residential property lawyers in Lichfield and Cannock can help you to purchase the freehold or extend the lease of a property. If you have owned it for more than 2 years, you have the right to purchase the freehold or get a 90 year extension to the existing term, with the bonus of no more ground rent to pay.
Most mortgage companies now require a minimum remaining term of more than 70 years. So, before you buy we can examine the terms of the lease before you spend any money on surveys or mortgage applications. If you are selling, purchasing the freehold or a longer lease would make the property more marketable.
We may also be able to help you renegotiate your obligations (covenants) under the lease with the freehold owner.Enquire about this service
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Chambers & Partners 2016
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Drs. S & S., Lichfield
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