Many properties in the West Midlands built during the 1960s and 1970s were sold with merely leasehold tenure, in other words, the owners or occupants of these properties have a right to remain living at the property for a definite period of years (usually 99). Once the 99 years have expired the property reverts back to the ownership of the freeholder (usually the builder or developer who initially constructed the property) unless the leaseholder pays a premium so as to buy the freehold.
Many banks and building societies will refuse to make an offer of mortgage to a buyer looking to buy a leasehold house which has less than 50 years remaining on the Lease. Therefore if you are an owner of a Leasehold house which has merely 50 years or so remaining on the Lease (and you are looking to sell) then your potential buyers will have to be cash buyers and the price you achieve for your house may well be reduced.
You will need to pay the current owner of your freehold a premium so as to acquire the freehold. It is also normal practice for the leaseholder to pay the freeholder’s legal fees (as well as their own).
We can assist both with the eventual conveyancing work (so as to get legal title to the freehold transferred into your name or names) and we can also point you in the right direction as regards calculation of the premium which you eventually pay.
Should you be looking to purchase your freehold reversion or alternatively should you be looking to extend the number of years remaining on your leasehold flat then please contact William Morgan on 01384 440069 or by email on: firstname.lastname@example.org