Buying and Selling Freehold Property

Freehold is the most conventional form of property ownership. However, while the process of buying and selling freehold property may seem more straightforward than for leaseholds, it is still extremely important to seek out expert legal advice.

At Johnson Astills, our expert Property Team can work alongside you, helping to streamline the processes involved in buying or selling freehold property, ensuring that your transaction is completed as efficiently and as accurately as possible.

To speak to a member of our team about freehold purchase and sales, please contact our local offices in Leicester and Loughborough or use our contact form to request a call back.

Want to see how much your conveyancing might cost? Request a tailored conveyancing quote.

Why choose our freehold property solicitors in Leicester and Loughborough?

At Johnson Astills, we understand that residential property is an extremely important investment. Our aim is to ensure that, when you are buying or selling freehold property, you are able to save time, money and potential stress by reaching completion as efficiently as possible.

We always focus on providing clear communication, keeping you in the loop whenever there are any updates to your case. Should you have any questions about the process or the way your transaction is progressing, we will be available to offer the answers you need.

We are able to provide fixed-fee services, with clear and transparent pricing from the outset. You can find out more about our conveyancing fees for freehold transactions by taking a closer look at our tailored pricing guide, or you can request a tailored quote.

We are Lexcel accredited by the Law Society for the high standards of our legal practices and are independently regulated by the Solicitors Regulation Authority (SRA). Additionally, we are proud members of The Law Society’s Conveyancing Quality Scheme (CQS), reflecting our extensive expertise with a wide range of property matters and transactions

Our freehold property expertise

Buying a freehold property

There are plenty of considerations when buying a freehold property. Whether you are a first-time buyer, are looking to take the next step up the property ladder, or wish to downsize, it is vital that you have the right legal advice to make your purchase a success.

Our team can support you through every stage of buying a freehold property, avoiding any delays and additional costs so that you are able to complete your transaction as efficiently as possible.

Selling a freehold property

We understand that selling a property quickly is often extremely important, especially if you are involved in a lengthy property chain. We can work alongside you to assist with selling a freehold property, working quickly to identify any issues that may disrupt the sale and offering tailored solutions in response.

Frequently asked questions about buying and selling freehold property

What does freehold mean?

A freehold is a form of property ownership. If you own a freehold property, you own both the property and the land that it has been built on for an indefinite period. 

What are the benefits of buying a freehold?

Freehold is the most common way to buy a house in the UK, and for good reason. There are numerous benefits to buying a freehold, including:

• You do not have to pay annual ground rent or service charges
• You have control over maintaining the building
• You do not have to deal with a freeholder/landlord
• The value of the property is not affected by a lease
• The process of selling is more straightforward than many leasehold properties

What are the drawbacks of buying a freehold house?

While purchasing a freehold house is usually the most sensible and cost-effective option for prospective buyers, there are some considerations you will need to make:

• You will have full responsibility if there is an unexpected issue with the property
• Freehold houses tend to be more expensive than leasehold houses
• There is no guarantee the value of the house will appreciate

What’s the difference between freehold and leasehold?

The difference between freehold and leasehold properties lies in the way the property is owned. In contrast to freehold properties, if you purchase a leasehold, you essentially own the property but not the land that it sits on. The land is owned by the freeholder, and there will be a lease in place for the home to be used for a set number of years.

With leasehold properties, a Lease will be in place between the owner and the freeholder, outlining the legal rights and responsibilities of both parties (such as who is responsible for maintaining certain parts of the building, the amount of ground rent payable etc).

What is involved in the process of buying and selling freehold property?

There are various steps involved in buying and selling freehold property. These steps, usually referred to as the conveyancing process, will be overseen by a conveyancer or a residential conveyancing solicitor.

While the exact steps may vary between transactions, the standard process of buying and selling freehold property involves three primary stages:

• Offer and acceptance
• Exchange of contracts
• Completion

After an offer is accepted on a home, the buyer and seller agree to enter into a contract prepared by their respective legal representatives.

The buyer will arrange for various checks to be carried on the property, with the support of their conveyancer or solicitor, such as property searches.  The Buyer may also wish to instruct a surveyor to carry out an independent survey of the property. 

If both parties are happy to proceed, contracts will be exchanged, and the transaction will be completed. Upon completion, a Transfer deed is submitted to HM Land Registry to register the change of ownership of the property. 

This is a very simple overview of the conveyancing process. As you might expect, there are various small steps that need to be carefully navigated to avoid any potential issues. This highlights the importance of working with a team of experts who can ensure that your transaction reaches completion as efficiently as possible.

Get in touch with our freehold solicitors in Leicester and Loughborough

For help and advice on freehold property on buying, selling or completing any other transaction related to freehold property, get in touch with residential property solicitors by contacting our local offices in Leicester and Loughborough, or feel free to use our contact form to request a call back.