When it comes to freehold property, there are a few more terms that one would have to look at. When you buy the freehold of a property, it means that you own both the house and the land it stands on. Then there is the leasehold of the property. Most of the flats and houses are sold leasehold. What does this mean? Well, it means that you remain the owner of the house till the period of the lease stands. What is more, you would have to pay the ground rent to the one who has the freeholder property or their agent.

Freeholder is also called the landlord. It is true that a lease is generally for a very long period like 99 years or so but with subsequent leaseholders, it goes on decreasing. When you have a look at the lease document, you would find that it lists the rights and responsibilities of the leaseholder as well as the freeholder. There is one more thing that you should always remember. Property documents are a complicated lot and that is why you should always take the help of a solicitor to understand the finer points. It is essential that you understand what you are signing.

It is imperative that you understand the terms and conditions of the leasehold as well as freehold property. Breaking the terms of the agreement could land you in legal tangles. Be ready to abide by the rules of the freehold property. And even if your freehold property is being managed by the third party, in case of any breach of contract you would be blamed and legal actions could be taken against you.

If you have a freehold properly and you have leased out some part of your freehold property, there are a few responsibilities that you would have to shoulder. This would mean keeping the structure, outside and common parts of the freehold prompter maintained, insured and in overall good condition. Your leaseholders would surely be paying you some service charges for this maintenance.

If you are a leaseholder and find that the one having the freehold property is not managing the freehold property well, it is always a good idea to buy the freehold property. The buying of freehold property is called enfranchisement. Different rules apply for houses and flats.

Buying the freehold property

If you are a leaseholder (or you are buying a leasehold property), you may have the right to buy the freehold of your property. This is called 'enfranchisement', and it can be a good idea, particularly if the existing freeholder doesn't maintain the building properly. The rules are different for houses and flats. It is different for business complexes also. It is generally seen that if you have long lease (more than twenty one years), you get the right to buy the freehold property of the house.

You would have to give a written notice to the current freeholder that you want to buy the freeholder property. It is always a good idea to get professional legal advice.

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