SALES & LEASE EXTENSIONS

Freehold House Purchase

If you own a leasehold house and are interested in finding out how much it would cost to buy your freehold, then please email our sales department.

If you have received a quote to purchase your freehold and would like to proceed you can do this by logging onto the online portal and completing the freehold house purchase form.  The form is located on the navigation panel on the left-hand side.

We understand that you may have queries about the process and have therefore included a frequently asked questions section below.  If there is anything that we have not covered then please do send us an email and we will be happy to assist.

Having your own independently appointed advisor is always recommended. This ensures your interests are maintained throughout the transaction.  If you do not appoint a solicitor, then you will be acting on your own behalf and you will need to review and approve the transfer document supplied by the landlord’s solicitor.  You will also need to have your ID verified by the landlord’s solicitor (provide original or certified copies) and will also need to deal with registering your interest post completion at the land registry.  If you appoint a solicitor, they will deal with all the above on your behalf.  Unfortunately, we cannot advise you either way but suggest you research this to ensure you are comfortable.

If you decide to appoint your own solicitor, no funds are payable immediately to Freehold Managers PLC. We will receive an undertaking for the legal costs from your appointed solicitor whether or not the matter proceeds to completion. Your solicitor will usually ask you for funds to cover the legal costs in order to provide the undertaking to us. The premium and any outstanding ground rent will be payable at completion.

Your solicitor will do this for you at land registry. If you have chosen not to appoint a solicitor the process is less straightforward. You will need to apply to land registry yourself, with copies of your ID, the documents and forms supplied by our legal advisors along with a fee to the Land Registry for registration https://www.gov.uk/guidance/hm-land-registry-registration-services-fees

You will receive a copy of the Freehold Title in your name from your solicitor or if you have registered yourself direct from Land Registry.

There are several factors accounted for when valuing the freehold of the property. Existing lease terms, ground rent income and market conditions are all considered before an offer is made. You are under no obligation to purchase your freehold.

As the landlord is disposing of their interest, the costs need to be borne by the applicant as a term of the offer. The costs are not built into the premium levels which assists in keeping this a competitive as possible. The landlord’s legal fees are non-negotiable.

No further fees are payable to Freehold Managers PLC other than those quoted in the offer letter you received. There are Land Registry costs for registration and we assume legal fees payable to your solicitor, they will be able to confirm this.

If you have appointed a solicitor, then ground rent apportionment will take place at completion.  This means that any over or under payments will be either deducted or added to the total amount payable at completion.  If you are not appointing a solicitor full payment of the premium and legal costs are made upfront and there will be no apportionment of ground rent at completion.

Any covenant required for estate management purposes would need to remain, covenants whereby the only benefit to the landlord is a permission fee, will be waived.  If you have concerns regarding this, we recommend you appoint a solicitor to act on your behalf.

Once the landlord’s solicitor has been instructed the process typically takes 6-8 weeks. 

Chief Rent Sales

Should you be in interested in redeeming your Chief Rent, please contact our Sales Team here where a member of the team will be happy to discuss the next steps.

Lease Extension

If you are interested in extending the term of your existing lease, please contact our Sales team here to discuss our requirements.

That’s entirely up to you.  We offer a fast and friendly informal application process, which includes a full valuation of the lease that you may wish to consider first.  Contact a member of our sales team here for further information.

Unfortunately it’s difficult to provide you with an estimate without having followed our application process and undertaking a valuation report.  Without this we are unable to consider your circumstances in relation to the current value of the existing lease.

Unfortunately, we cannot always guarantee your application but we will certainly consider it.  Although it’s unlikely, if there is a reason why your application is not successful we will confirm at no cost to you.

Whilst we are still required to follow our application process, your circumstances mean you become our priority.  Please contact a member of our sales team here for information on what to do next.

Yes, please log in to your online Tenant Portal Account and complete the Lease Extension Quote form available from the left hand menu.

In accordance with our Tenant Charter we aim to respond to respond to all correspondence as soon as possible. Your quote will be issued no later than 10 days from receipt of your completed application form.