Is it Easier to Sell Your Flat When You Have Made a Freehold Purchase?
Everyone wants to get the best price for their property. This applies regardless of the area, the type of property or the state of the economy at the time of selling.
Nevertheless when you do come to sell your flat, often you will find a limitation of how much money you can make from it and how much you can increase its value due to home improvements. You may be able to do a certain amount of decorating indoors, but you cannot do much outside if you own the flat on a leasehold basis. This is typically the case in many situations.
However there is a way to increase the value of your flat more than you may think. This can be acheived by freehold purchase. The idea is that you can go into buying the freehold so that you are no longer tied to a leasehold agreement. The nature of a leasehold means that you - or anyone who buys the flat from you in the future - will be aligned with a particular lease length. This is often a defining factor in whether someone agrees to buy the flat from you or not. They may not want to have a lease, or alternatively they may not want the length of lease you currently have.
If however you can tell them that you have made a freehold purchase and can sell the flat to them with the freehold attached, you can see that this is a huge benefit to them. Most flat buyers will be more interested in the property if it comes with the freehold interest rather than it just being a leasehold. Flats with the freehold interest attached are therefore typically easier to sell than those with out it, not only this but they will often reach a higher price.
If you currently live in a flat where you have a leasehold arrangement, you may wish to consider the future ramifications of buying the freehold now. This is a legal process that is best undertaken by professionals, so enlist the help of a solicitor specializing in freehold purchase to ensure you adhere to all the rules and the timetable. This will make sure you acheive the best result. Provided you meet all the requirements in the law that stipulate the nature of a freehold purchase, you can enjoy the benefits it will give you in the future. On a positive note it normally does not even cost you any money to have an inital consultation with a solicitor to find out if you can purchase the freehold, so therefore there is no reason not to look in to this.
About the Author
Thinking of freehold purchase? [http://freehold-purchase.co.uk ] make sure you first speak to Bonallack &Bishop - Solicitors who specialise in the freehold right to buy [http://freehold-purchase.co.uk/freehold_right_to_buy.aspx ]. Senior Partner Tim Bishop is responsible for all major strategic decisions, seeing himself as a businessman who owns a law firm. Tim has expanded the firm by 1000% in 13 years.
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