Purchasing Your Freehold?

If you do not own the freehold interest in your property then it may be a good idea to look into purchasing the freehold as problems can arise when selling or mortgaging if you own only the leasehold interest.

Purchasing it sooner rather than later can also mean that the cost of purchasing it is less.

Many houses in the South Wales area are held on leasehold titles mainly for 99 years. It is not well known that Banks and Building Societies are now reluctant to grant mortgages where the outstanding term in the lease is less than 60 years.

If you own a house which is leasehold where there are fewer than 60 years remaining you should consider purchasing the freehold. This will enhance its value and make it more marketable should you wish to sell in the future. As the number of years remaining on a lease diminishes the cost of the freehold increases so delay can be expensive.

Should you wish to discuss this or any other property related matters then please give us a call and ask for Chris James or Bridgitte Harvey who will be happy to discuss your particular circumstances.