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Leasehold properties – Buy your freehold

Leasehold extension

Recently I was chatting with a colleague, William who attended a leasehold training event in London.

The room was packed with solicitors from London. Most were swamped with buying/selling of the freehold interest in leasehold properties and all the problems that came out of that.

The consensus of the room was that now was a very good time to buy your freehold.

In the present econmic climate Landlords (people who own the freehold) are keen to realise some money to help their cashflow and generally are willing to negotiate a sensible price.

Owning the freehold to your leasehold property gives you:

– Greater control over the management of the property so you can extend the property or make common areas look great if your landlord wasn’t performing its duties.
– Increases the value of your property – a leasehold property sold with the freehold has more value than a straight leasehold and is more attractive.
– Allows you alter the lease so that you can extend the lease term without having to pay a premium for it. You can alter the lease for other reasons such as allowing domestic pets (although these changes would have to occur to all leases in the block).

If you want to have a chat about your options please contact our specialist leasehold solicitor William James on 01623 451111 or at wjames@fidler.co.uk

Matt Slade

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