Q) What is a freehold property?
A) If you have a freehold property then it means you own the building and the land it stands on outright. Generally speaking a freehold property will have fewer constraints and is often higher in value.
Q) What is a leasehold property?
A) A leasehold property will refer to a property that you will rent from a freeholder for a fixed time period. As tenant you effectively own the property for a fixed term but not the land on which it stands.
Q) What is a long leasehold property?
A) A long leasehold property gives you a right for a certain period of time to be in that property. This period is usually between 99 and 999 years.
The time on the lease reduces annually and will eventually run out, although it can be extended. Just like a freehold property the lease can be sold and bought at any time during the lease, but if the residue of the lease remaining is too small then then the property may be unsalable or the value may be dramatically affected.
There is a freeholder who owns the land upon which the building is constructed and has the right to collect a ground rent and service charge from any leaseholder in the building. The freeholder can also sell the ground rent on at any time.
Q)What is a service charge?
A) A service charge is an additional cost to the tenant that helps the landlord recover costs they incurred in providing services to a building; details of this will have been set out in the tenancy agreement. The charge tends to cover the cost of such matters as general maintenance, repairs and building insurance; if available the charges will also cover central heating, lifts, porters, lighting and cleaning of common areas.
Q) I’m looking to sell or lease a property, what should I do?
A) You can get in touch with us via the contact pages and one of our agents will be happy to discuss your requirements. We will then be able to develop an effective strategy based upon your specific needs.
Q) What types of property do you deal with?
A) At Sanderson Weatherall we have specialist teams in a number of different sectors. The types of properties we deal with therefore include but are not limited to retail industrial, office, leisure and residential properties.