Should I buy the freehold on my flat?
Should I buy the freehold on my flat?
Benefits of owning the freehold to your flat: No ground rent: you normally don’t pay ground rent. Fewer conditions: leases can come with a number of terms, e.g. you may normally need permission to sublet or have a pet. It can add value to your home: buyers generally prefer freehold flats to leasehold.
Is it worth getting a survey for a flat?
A full structural survey is worth getting if you are looking at purchasing a property that is over fifty years old, has an unusual layout, is a historically unique or listed property, has had recent renovation work, or if you are planning to carry out major renovations yourself.
Do I need a structural survey on a flat?
Obviously, a top-floor flat comes with extra concerns – you’d want to be confident of the condition of the roof before exchanging contracts. Likewise, if you’re planning to buy a basement or ground-floor flat you’d probably order a building survey to check for signs of damp, subsidence and the like.
Can a leaseholder do what they want with the flat?
Leaseholders are not necessarily entirely free to do whatever they want in or with the flat – the lease comes with conditions, to protect the rights of everyone with an interest in the building. For example, retirement schemes will usually have restrictions on the age of those who can live there.
Who is the freeholder in a block of flats?
Freeholder Owns the freehold of a property which can include a building and other property or land. In a block of flats, for example, the freeholder would own the land and the actual building. A leaseholder will own a flat within that property on a lease for a fixed length of time, but the freeholder will own the property outright.
Who is responsible for maintenance of leasehold flats?
Occasionally, the leaseholders may have “self –repairing “leases, where they are responsible for the maintenance and repair of their own flats. This will be usually be when there are only two flats in the building. What are your responsibilities?
Who are the leaseholders of Southwark council flats?
Southwark council owns the freehold to the estate of 40 flats, 29 of which are owned by leaseholders. Since owning the property, the 56-year-old has been on the receiving end of “eye-watering” bills for maintenance to the building. She says her two-bedroom flat originally lacked adequate heating.
Leaseholders are not necessarily entirely free to do whatever they want in or with the flat – the lease comes with conditions, to protect the rights of everyone with an interest in the building. For example, retirement schemes will usually have restrictions on the age of those who can live there.
Freeholder Owns the freehold of a property which can include a building and other property or land. In a block of flats, for example, the freeholder would own the land and the actual building. A leaseholder will own a flat within that property on a lease for a fixed length of time, but the freeholder will own the property outright.
Occasionally, the leaseholders may have “self –repairing “leases, where they are responsible for the maintenance and repair of their own flats. This will be usually be when there are only two flats in the building. What are your responsibilities?
Southwark council owns the freehold to the estate of 40 flats, 29 of which are owned by leaseholders. Since owning the property, the 56-year-old has been on the receiving end of “eye-watering” bills for maintenance to the building. She says her two-bedroom flat originally lacked adequate heating.