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If the property you own is not freehold then it is most likely that it is a leasehold property. The main difference being that there is another party involved with leasehold properties – the Landlord.
This is different to a landlord and tenant arrangement when you rent a flat on a short term basis and pay a monthly rent. With leasehold properties you would usually have a ‘long lease’ and pay a much smaller sum to the Landlord as ‘ground rent’.
Long leases decrease in length each year and at some point it will be appropriate and necessary to either extend the lease or consider becoming your own landlord by joining with the other leaseholders to buy the freehold of the properties.
At Martin Tolhurst Solicitors we have a team of lawyers dealing with matters relating to leasehold properties. Whether you are extending the lease, buying the freehold or taking over the management of your building, we have experience dealing with the necessary but complex legal procedures.
We recommend that you contact us as early as possible to discuss your options as it is usually beneficial to act sooner rather than later. The costs of extending a lease or purchasing a freehold increases as the years on your lease decrease and property prices increase.
You can talk to one of our experts on a no obligation basis to get a clearer idea of what action would be most appropriate for you.
Better still, if you choose to instruct us to start the procedure to extend the lease of buy the freehold we offer an up front fixed cost. You will know exactly how much your legal fees will be from the outset and can budget accordingly.
No matter whether you are a landlord or tenant, we have the expertise to point you in the right direction and guide you through any leasehold transaction.
Please click the links in the menu for more information about the different options available to you.