There are usually two options when it comes to buying a house in Wales and England. You can go for a freehold or leasehold. Both options are good and it will depend on your needs to determine which is better. If you are looking for mortgage advice in bigger cities, you will find services around mortgage advice birmingham for example.
If for example you need a house for a short time, a leasehold will be better. If want a house for a long term and you don’t want to be paying ground rent so as to avoid being involved in a ground rent scandal, buying a freehold property will be thing to do. mortgage advice birmingham services amongst other major cities will be able to help you through your property journey.
Most people feel that buying a house as a freeholder is the best option as you can say that the house is yours because it belongs to you forever and at no circumstances will it cease to be yours not unless you sell it. If you are considering buying a freehold property, there are some things you should know.
To buy a freehold property you will most probably need to get your neighbors involved so that you can buy the property as a group. If a half of the residents if the property agrees to own it as freeholders then you are all allowed by the law to purchase it as freeholders. Once you all own the building as freeholders, you will be responsible for insurance and you will be responsible for setting the amount of ground rent for the new settlers. The building to be purchased should contain at least 2 flats. At least two thirds of the building must be owned by long leases from 21 years and above.
Buying a building on leasehold basis has its advantages too, for example you will not need to worry about maintenance because the landlord will be taking care of that.