Home Move FAQ and Jargon Buster
Here you will find frequently asked questions and explanations of some of the jargon and legal language associated with the home moving process.
- What is freehold ownership of a property
Owning a freehold property means that you own the whole of that property including the land it is built on and any rights which come with it (like access or parking for example), for an unlimited period of time. You are also free to enjoy and do with the property as you wish (within reason and subject to things like planning regulations)
- What is leasehold ownership of a property
Owning a leasehold property means you only own the property itself and not the rest of the building around it or the land it sits on. The building and the land are owned by the landlord. Leases are also usually only for a limited amount of time, for example 99 years, and you will likely have restrictions on what you can do with your property during that time.
- What are the additional costs associated with buying a leasehold property
Aside from any additional legal fees due to the added complexity of buying a leasehold property, there are additional property searches and information that should be obtained, such as obtaining information about the land the property sits on or in the case of a flat, the building the property is situated within and who owns it, and information about the lease and other agreements attached to the property you are buying.
Often the parties involved such as the leasehold management company or the buildings owner often charge for this information, which you should take into account as this can be on average £200-400 and sometimes more. Brevis will obtain and confirm the exact cost once the process is under way and contact has been made with the appropriate organisations, as the amount each charges varies on a property-by-property basis.
There are often additional costs associated with owning a leasehold property and you can find more information here
Please note that all information provided in this FAQ is for general reference only. It should not be used as a sole or definitive source, nor is it intended to be used for decision making in place of appropriate advice from a qualified legal professional. As such the information is provided as-is and Brevis cannot accept any responsibility or liability for any loss or damage resulting from any errors or ommission in, or any reliance on, information contained in this guide.