Compare quotes from conveyancing solicitors servicing Burley in wharfedale
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AgentQuote.co.uk helps you compare Burley in wharfedale conveyancing quotes from property solicitors servicing the Burley in wharfedale area. We hope you find the service helpful. We search for quotes from Burley in wharfedale solicitors and conveyancers servicing the Burley in wharfedale area.
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What does Freehold mean?
Freehold means that title (ownership) to the land the property is built on is included in the sale. What does Leasehold mean?
Leasehold means that somebody else has title to the land and that you will therefore have to pay a ground rent and possibly also a service charge to the freeholder (owner of the freehold title). It is normally possible to buy the freehold title at a later date as a separate purchase transaction.
It therefore follows that the valuation of two identical properties, one being leasehold and the other freehold, would result in a lower value being applied to the leasehold property.
It is important to check the length of time remaining on the lease (Commonly the leases would have been originally issued with a 99 year life span). If not much time is remaining on the lease it may be difficult to obtain a mortgage, unless the freehold can also be purchased subsequently.
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