What Is A Freehold Property?

Are you looking at buying a property in England or Wales? You may have seen the terms freehold property and leasehold property as you are property hunting? There is a big difference between the two holds on the property. In this blog post we look at what a freehold property is. We also look at what you need to be aware of when purchasing a freehold property.

What Is a Freehold Property?

A freehold property is a property that sits on a piece of land for an unlimited amount of time. As the owner of a freehold property, you can decide if you will be the owner. You could decide to sell it on or transfer the title for the property into someone else instead.

The Advantages of a Freehold Property

When you own this type of property, as long as you keep up all obligations and mortgage repayments, you have complete ownership of the property and the land. If you are considering carrying out repairs, refurbishments or remodelling of the property, you won’t need consent from anyone. That said, you will still need to consider planning permission and building regulations. These will be required by the Local Authority and will often change from area to area. With a freehold, there are also no additional fees to pay the landlord. These include things like ground rent, admin fees or service charges for example.

The Disadvantages of a Freehold Property

As the owner of the property, you will be responsible for any repair or maintenance costs of the property. It will also be your responsibility to arrange for any building’s insurances too. You will often find that freehold properties will cost more too. This is because you own the land as well as the property on the land.

This blog post gives you a very brief overview of what you can expect when considering freehold properties. Our conveyancers in Peterborough are always here to help. They can guide you through the pros and cons of this type of property. Our conveyancing lawyers can also help ensure that all guidance is understood so you make the right choice for you and your next home.

Need help or advice from a friendly residential conveyancer in Peterborough? Call our team now.