When purchasing a house you will undoubtedly look at both freehold and leasehold properties. It’s usually more beneficial to buy a freehold property since it will mean that you’re free to do to it what you want.
Of course, once the property in question is a flat there’s a limit to what you could do in terms of making changes to it, even if you had exercised the freehold right to purchase in association with it. However, there are still significant advantages that could be had if you do choose to consider purchasing a freehold this way.
If you have a flat at the moment you will likely do this on a leasehold basis. This means that if you technically own it and have a mortgage on it, you won’t really own the property you reside in. This fact alone will probably tell you why so many apartment owners think seriously about purchasing a freehold.
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One thing you need to pay as a flat owner on a leasehold basis is ground lease. You’ll also have to pay some sort of maintenance fee on a regular basis. This can vary a lot depending upon your landlord and the area you reside in. But if you examine the freehold right to buy process you might wind up not having to pay ground rent in any respect.
In addition to this, you’ll have the ability to enjoy making your own decisions about what is required with respect to maintenance difficulties. If you’re now frustrated with your landlord and the job – or lack thereof – which they’re performing on the block of apartments you reside in, this might be the solution.