If the notorious leasehold scandal didn’t bring any good news for you—you can resort to purchasing the freehold to avoid the occurrence of any problems in the long run. It might also help you with buying your way out of the leasehold scandal contract. Let’s take a look at the step-by-step guide on how to buy a freehold:
There are a number of requirements that you would be required to meet in order to purchase a freehold. You would be required into making sure that you are eligible to become a freeholder. You can work with an expert in the area to figure out your eligibility in the long term.
When buying a freehold property, you might want to learn the potential costs, fees, and expenses that you would be required to pay in the process. By default, you would be required to pay solicitors fees, legal fees, and valuation costs to the freeholder.
It is important for you to work with an expert to get over the procedure of buying a freehold. It should be remembered that freehold purchases are far from being a general matter, and it should be particularly dealt with the expert property solicitors to avoid any potential risks. We strongly recommend working with a solicitor, who is affiliated with the Association of Leasehold Enfranchisement Practitioners (ALEP) treaty.
Once you have hired a solicitor, you should request for a participation contract, which is verified and approved by all involving parties. The agreement should be signed by everyone, and make sure to get the document verified as soon as possible.
Once you have completed the pre-requisites in the procedure, you would be eligible to purchase a freehold property on the completion of the steps. However, make sure to work with an experienced and licensed solicitor to ensure the accomplishment of the project.