When buying a proprietà we are always asked as to the difference between a freehold and a leasehold property. This is especially applicable to first time acquirenti. In this article we volontà look at the different types of residenziale properties you can invest in and potential issues that may arise.
Una proprietà può essere freehold o leasehold.
Proprietà libera
Una proprietà di proprietà libera vi dà la proprietà assoluta dell'immobile e del terreno su cui sorge. Non ci sono terzi che si occupano della manutenzione della proprietà. Le case indipendenti sono solitamente freehold. Questo tipo di proprietà è solitamente preferito per l'assenza di coinvolgimento di terzi.
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.
Proprietà in leasing
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 contain 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.
Alcune proprietà sono pubblicizzate con una quota di proprietà libera. Non date automaticamente per scontato che questo vi garantisca il titolo di proprietà libera sull'immobile. Ciò significa che i proprietari delle proprietà in leasing hanno acquistato il titolo di proprietà libera dal proprietario e ne possiedono tutti una quota. Essi possiedono le loro proprietà come leasehold e una quota dell'edificio e del terreno che si trova sul freehold. Una volta acquisito il titolo di proprietà libera, i locatari di solito concedono un contratto di locazione di 999 anni a tutti i locatari. In genere la manutenzione e la riparazione dell'edificio sono gestite dai locatari, che decidono autonomamente le riparazioni e le pagano in parti uguali. Di conseguenza, non ci sono spese di gestione da pagare alla società di gestione.
Inoltre, avrete anche una quota delle aree comuni dell'edificio (tetto, muri, scale, corridoio) e sarete responsabili, insieme agli altri locatari, della manutenzione di tali aree. Inoltre, dovrete assicurare il vostro appartamento e le aree comuni dell'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:
- Onorari ed esborsi degli avvocati
- Stamp duty
- Tasse catastali
- Tasse ipotecarie
- Costi rimovibili
- Estate agent fees (payable by the seller)
- Costi di ristrutturazione e rinnovo
- Costi di gestione della proprietà se decidete di nominare un amministratore immobiliare per gestire la vostra proprietà
Se tutto ciò vi sembra complicato, sappiate che se siete nelle mani di un avvocato immobiliare esperto e professionale non dovrete farvi prendere dal panico o esitare nell'acquisto di un immobile nel Regno Unito.
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.
(Nota bene: 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.)
