Leasehold freehold

Pete2k16

Hello,

Me and my partner are looking at buying our first house. I just have one question and wondered if anyone could shed some light for us!
Basically comes down to leasehold and freehold. If a property we were interested in was leasehold and something we wanted was to be the freeholder. Is it possible as part of the sale to negotiate the seller purchasing the freehold as part of the sale for it to passed to the buyer. Or for the buyers to be able to acquire the freehold as part of the purchase of the property so it's done and dusted with so to speak. Is this possible? Can this be done? Or will we have to buy the property first then attempt to buy the freehold which could be any price. I'd read that you couldn't even do that for two years is this the case? Anything help on the matter would be appreciated.
Kind regards

smudge2013

Yes you can make the buyer purchasing the freehold of your house a condition of your offer. This could be expensive though and the seller may refuse. Another option is that they initiate proceedings so to avoid the two year wait once you acquire the property, but personally I'd want it sorted out prior to exchange.

If I were you I'd put in an offer based on them doing it, and perhaps allow yourself some wriggle room to negotiate making a contribution to the cost of purchasing the freehold.

I bought a leasehold flat with a low lease, and in a similar way I asked for the current owner to renew the lease at their own cost as part of the deal (which they actually did, but it was a buyers market in those days!).

bruich76

depends what you are buying.


if it's a flat then - probably not. the leasehold title there is there for good reason. arguably you could buy a share in the freehold company (but never in your own name) as that would end the lease and effectively you would be stuck with a freehold flat...


which basically is a flat stuck in the middle of a building with no rights to access it

AnotherJoe

Yes all of these are "possible" if its a house..

That doesn't mean its likely, or that it would be financially viable.

The specific circumstances matter, you can't come up with a general rule, even if the vendor was willing and the freehold cost low, it may be that you are in contention for the property with another buyer who doesn't care, so its a simpler sale for the vendor to go with the other party. Therefore, generalizations won't help you, if you have a specific case in mind post the details.

G_M

Who owns the freehold?

The same person who is selling the lease?