Freehold properties
If the property is freehold, this means that the land on which the property is built is part of the sale and no ground rent or service charge is payable.
If you purchase a freehold property, you own both the land on which your property is built and the property itself. You will also own the airspace above your property (500 to 1000 feet approx)
Commonhold properties
If the property is commonhold, this means that you can buy the freehold of a flat and own common parts of the building jointly with the owners of other flats in the building (known as a commonhold association).
In commonhold a ground rent or service charge is not payable. However, a share of the commonhold association's expenditure on maintenance, insurance and administration will be.
Leasehold properties
A property may be leasehold, which means that the land on which the property is built is not part of the sale. You have to pay ground rent to the owner of the land - who is called the freeholder.
The length of a lease can vary, and you should check that the length of the lease on the property you are interested in buying is acceptable to the mortgage lender. In addition to ground rent on a leasehold property, you may have to pay an annual service charge. This applies if you are purchasing a flat. The service charge covers items such as: maintenance and repairs to the building, cleaning of common parts and grounds maintenance.
A group of leaseholders living in the same building may have a right to jointly buy the freehold of the building or take over its management.
Unless you renew the lease, your property ownership will expire after the number of years specified in your lease.
Pros and Cons of Leasehold
Pros
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As a leasehold property owner, you will not have to worry about maintenance
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Buildings insurance is usually included
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You are protected against common issues via your lease
Cons
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You may not be allowed pets
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Service charges and ground rent can be expensive
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There may be stipulations about the types of works you can do on your home
Leasehold property homeownership can be complex, if you need further advice on a leasehold property, get in touch and one of our advisors can help.
What our customers say about us
Sold my house with Arden, very professional service, quick sell and at my asking price. Will definitely use Arden Estates again.
Sam Ansell
The most professional estate agency in Ward End. I have tried others and will not move from this letting's agent.
Parma Singh
Exceptional service at this Estate Agent both in buying and selling properties and invaluable service with their letting service. Very highly recommended and efficient reliable service. Simply the best.
Veronica Morgan
Very helpful and professional estate agents. They will go out of their way to try and help you and they always have the time to explain to you what's happening. Would definitely recommend!
Mell Cath
We recently sold our property through Arden Estate Agents, and having failed to sell through another local estate agent we tried Arden's after they were recommended to us, I am so glad we did, as they sold our house within a couple of days and kept us in the loop throughout the entire process. I would genuinely recommend them to anybody who wants to sell or buy a property.
John Reid
Exceptional. From meeting at the valuation to sales completion, Arden provided an honest, professional service throughout. Tony and Paul kept me updated with progress from finding a genuine purchaser to ensuring we experienced no unnecessary delays. I highly recommend them. My only regret I didn’t knock their door first. Exceptional.
Declan Galligan
What our customers say about us
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Frequently asked questions...
What if I change my mind and want to pull out of my property purchase?
What if I change my mind and want to pull out of my property purchase?
Both parties are allowed to pull out prior to exchange of contracts. However, following exchange of contracts, the opposing party is entitled to 'breach of contract' terms. Therefore, the seller would be able to retain a proportion of your deposit.
How should I prepare my property for sale?
How should I prepare my property for sale?
First impressions count! We will work with you to advise how best to present your property. It is helpful to clean and declutter your property as best you can before sale. Keep pets out of the picture and clean the areas that are often missed such as skirting boards, window frames and doors. Remove any cobwebs. Kerb appeal is very important - tidy up your driveway to improve initial appeal to prospective buyers.
My property is already on the market, can I still use Arden Estate Agents?
My property is already on the market, can I still use Arden Estate Agents?
Yes, you can still use Arden Estate Agents. You can choose to instruct us straight away and set the date for your marketing. You could also instruct us as an additional agent, sometimes referred to as dual agency, subject to the terms of your existing agency agreement.
