Is It Easier to Sell Your Flat When You Have Made a Freehold Purchase?
Getting the best price for a property is a number one priority, people wish to get this price irrelevant of where they live, what the economy is like and what type of property it is.
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 are more options to increase the value of your flat than you may realise.
This can be done via freehold purchase.
The idea is that you can go into buying the freehold so that you are no longer tied to a leasehold agreement.
A leasehold arrangement means that - 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.
However if you are able to show that you have taken the hassle to get the freehold interest for the property then the buyer will see this is a major benefit for them.
Many people would consider paying more for a property if it is available with a freehold rather than a leasehold arrangement.
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 ensure the best outcome.
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 initial 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.
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 are more options to increase the value of your flat than you may realise.
This can be done via freehold purchase.
The idea is that you can go into buying the freehold so that you are no longer tied to a leasehold agreement.
A leasehold arrangement means that - 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.
However if you are able to show that you have taken the hassle to get the freehold interest for the property then the buyer will see this is a major benefit for them.
Many people would consider paying more for a property if it is available with a freehold rather than a leasehold arrangement.
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 ensure the best outcome.
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 initial 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.