shared ownership and the freehold

banner188

I know that if you are buying a property that is leasehold, then after you have paid it fully you can obtain the freehold.

My question is this, if you are buying say 50% on a leasehold and you have paid it fully, can you obtain the freehold for your share, or is this nonsense?
I am asking this because I am aware that it is possible to get evicted from shared ownership and have your share seized by the landlord, but if you can get the freehold for your share, this wouldn't be possible. Or will the only way to obtain the freehold on a leasehold property be by gaining full ownership and fully paying the mortgage off?
thanks

kingstreet

This applies to a house. A flat should remain leasehold.

You buy a shared ownership house on a leasehold basis, as you need a mechanism to regulate the occupation of the portion you do not own.

Once you have staircased up to 100% ownership, there is no reason why you cannot purchase the freehold. Indeed, it's possible the staircasing process can't include purchase of the freehold at the same time as you purchase the remaining unowned share.

The mortgage is irrelevant. It is the ownership of the whole property, which enable the purchase of the freehold.

leereni

How much does it cost to buy a freehold? Obviously depends on the property butminmthe region of how much?

leveller2911

leereni wrote: »

How much does it cost to buy a freehold? Obviously depends on the property butminmthe region of how much?

Some Housing Associations such as Sanctuary don't charge anything for the freehold but each HA may have different criteria.