If you own a leasehold house, then you may be able to purchase the freehold under the Leasehold Reform Act 1967. This would enable you to hold a freehold title, rather than leasehold, and any ground rent you pay will be reduced to nil. Below we take a look at some of the frequently asked questions when enfranchising a house.
In order to qualify there are certain criteria involving the building, the lease and the leaseholder, outlined below:
The original lease must have been granted for a minimum of 21 years.
You must have owned the property for a minimum of 2 years.
Knight Frank can assist you by carrying out a full valuation report and negotiating a reasonable price which is payable for the freehold purchase. We also liaise with your Solicitor throughout the process to ensure a smooth transaction. For further information please call our specialist Leasehold Reform Team on 020 7861 5046.
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