Do I want to own my freehold ?

You may be concerned about owning a leasehold property but if you are interested in purchasing the freehold reversion for your building then do bear in mind that there are cons as well as the significant pros.  

Whilst it obviously is appealing to have the destiny of your maintenance, insurance and structure of your building in your own control, and obviously you are unlikely to have to pay for a lease extension, there is a flip side to the coin.   The management of the building takes time and planning and very few tenants have experience in managing a building.   Furthermore, there is something to be said about having an independent party, namely a landlord or managing agent, who can take appropriate action against other tenants in the building who have breached the terms of their lease by causing a nuisance, etc. . or alternatively do not pay their service charge.   When it comes to owning the freehold rather than leasehold please bear in mind that the grass is now always greener.


by admin
Monday 14th of September 2015 09:34:29 PM