For some council owned properties, it is possible to purchase the freehold from us. A freehold is where you have the outright ownership your property and the land where it stands.
What are the benefits of owning the freehold of your property?
- Owning the freehold means you own the property outright, so there's no time limit on how long you own the property or land for.
- No more ground rent.
- It increases your property's attractiveness to potential buyers.
What do I need to meet to purchase the freehold?
- You must have a long lease
- You must have a lease for the whole of your property
- You must have owned (but not necessarily lived in) the property for at least 2 years at the time of application
What’s the cost?
- The cost of purchasing the freehold is currently 15 times the annual ground rent paid by you to us
- There’ll also be legal and surveyor fees of £700, as well as the cost of any disbursements (which won't be more than £35)
- When applying, you’ll be required to pay a non-refundable deposit of £50 towards the legal work, which will then be deducted from total cost upon completion
- If you intend to hire a legal representative to deal with the transaction for you (such as a solicitor) you’ll need to pay their fees as they instruct
- You'll also be required to pay the Land Registry fees in order for your legal representative to register the freehold in your name. The Land Registry fee is currently £40. If you have instructed a legal representative this fee may already be included in the fee they have quoted you
Why do we charge a fee?
We charge a fee to cover the cost of the legal, surveying and administrative tasks related to this process
How do I apply?
To ensure you’re eligible to apply please email firstname.lastname@example.org
Following confirmation that you meet the criteria to be able to buy the freehold, we’ll issue an application form to you either via email or by post. Once we receive your signed application form, we’ll forward your application to our legal section to progress.