When buying a propiedad we are always asked as to the difference between a freehold and a leasehold property. This is especially applicable to first time compradores. In this article we will look at the different types of residencial properties you can invest in and potential issues that may arise.
Una propiedad puede ser de pleno dominio o de arrendamiento.
Propiedad en pleno dominio
Una propiedad en pleno dominio le otorga la propiedad absoluta de la vivienda y del terreno sobre el que se asienta. No hay terceros que mantengan la propiedad. Las casas independientes suelen ser de plena propiedad. Se prefiere este tipo de propiedad porque no hay terceros implicados.
As freehold type properties are the oldest types usually there are old title deeds referred to in the register which refers to covenants that you must comply with i.e. right of ways granted to third parties over the land which your property is situated on. This can also be applicable to leasehold properties.
Propiedad arrendada
A leasehold property allows ownership of the property for a fixed period of time i.e. 99 years or 125 years. Leasehold properties were introduced to get more people in the property ladder. Purchase of leasehold properties increased more and more in the construction of flats.
You will have an agreement with your landlord, usually known as the freeholder, called a “lease”. This document will tell you how many years you will own the property. The lease will also contienen rights and obligations which you must comply with. For example, in leasehold flats the freeholder will be responsible for maintaining the common parts of the building i.e. hallways, roof and walls.
There will also be restrictions on what sort of works you will be able to do in the property and prohibition on subletting or owning a pet. When the freeholder intends to carry out work to the Building it will issue you a notice of this and the cost of these works will be covered by you and the rest of the leaseholders through a Major Works statement, payable in instalments. You will be liable to pay for ground rent to the freeholder and service charge for the maintenance of the common areas of the building which the flat is situated in. Please take extra cautions when deciding to purchase leasehold property and make sure your Solicitor explains how ground rent and service charge will be payable as in the recent years we have seen onerous clauses. This can mean that if you are not careful you may be liable to pay ground rent which doubles every 5 to 10 years meaning that you are paying ground rent like rent. Once the ownership of the property comes to an end the property will need to be returned to the landlord. When the lease term is usually in the region of 90-70 years remaining a leaseholder will make an application to the landlord to extend their lease for a premium. In most circumstances, the property is not returned to the landlord and the lease term is extended.
Algunas propiedades se anuncian como una participación en el pleno dominio. No asuma automáticamente que esto le otorga el título de pleno dominio sobre la propiedad. Esto significa que los propietarios de los inmuebles arrendados han comprado el título de propiedad al propietario y todos poseen una parte del mismo. Poseen sus propiedades en régimen de arrendamiento y una parte del edificio y del terreno que se encuentra en el dominio absoluto. Una vez adquirido el título de propiedad absoluta, los arrendatarios suelen conceder un contrato de arrendamiento de 999 años a todos los arrendatarios. Por lo general, el mantenimiento y la reparación del edificio corren a cargo de los arrendatarios, que deciden por sí mismos las reparaciones y las pagan a partes iguales. Por lo tanto, no hay que pagar gastos de gestión a la empresa gestora.
Además, también participará en las zonas comunes del edificio, es decir, el tejado, las paredes, las escaleras y el vestíbulo, y será responsable, junto con los demás inquilinos, del mantenimiento de dichas zonas. Además, tendrá que asegurar su piso y las zonas comunes del edificio.
You may also come across a property that is not registered. It will be compulsory for you to register the property on completion of the transaction. An unregistered property does not mean that there is a problem. It merely means that there has not been a transaction to trigger an application.
The complicated part with unregistered property is that you will need to produce the physical title deeds or if these are lost you will need to provide evidence to the Land Registry explaining why the deeds cannot be produced and the person claiming to be the owner is the true owner. These should not prevent you with purchasing an unregistered property if such opportunity interests you.
When buying a property along with the purchase price you should take into consideration the related costs and these include:
- Honorarios y desembolsos de abogados
- Stamp duty
- Tasas del Registro de la Propiedad
- Gastos hipotecarios
- Costes extraíbles
- Estate agent fees (payable by the seller)
- Costes de acondicionamiento y renovación
- Gastos de gestión de la propiedad si decide nombrar a un administrador para que gestione su propiedad
Si esto le parece complicado, tenga la seguridad de que si se pone en manos de un abogado inmobiliario experimentado y profesional no tiene por qué asustarse ni dudar en la compra de una propiedad en el Reino Unido.
If wish to discuss the contents of this article or have any queries, please contact Real Estate solicitor Berivan Erdogan at B.Erdogan@rfblegal.co.uk.
(Tenga en cuenta: This article was originally published on our previous website and is provided for general information purposes only. While it reflects the legal position at the time of writing, the law may have changed since publication. For up-to-date advice tailored to your circumstances, please contact our team.)
