Buying a share in a leasehold property has many advantages and conveyancing solicitors in North Wales can support through the process of the purchase.
More often than not, these situations arise when someone decides to buy a flat in a building with several other units and the ownership extends beyond each individual home and into the building itself.
A share of a freehold can be owned as either a joint ownership or as a company ownership. A joint ownership means that the owner of an individual flat is one of the registered owners of the building along with the other flat owners. It is worth noting though that this situation can only be done if there are four or less flats in the building. A company ownership on the other hand is when a business owns the partial or full freehold.
Some of the many advantages to buying a shared leasehold is that the owners will be given greater autonomy to manage and care for the building. Ongoing costs like service charges can be greatly reduced for the individual if there is group ownership, since each owner will have shared responsibility to cover the fees.
Solicitors in Caernarfon will also advise on the legal processes to be followed to complete these sorts of purchases including discussions and negotiations with any existing leaseholders.
Make contact with us here at Bennett Smith Solicitors to talk about freehold properties. You can request a meeting with one of our legal experts to examine your options.