v INDEPENDENT, LOCAL AND PROUD v 30th March 2023 • The HERALD • Page 67 Sanders Design S E R V I C E S L T D BUILDING PLANS AND DETAILED DRAWING SERVICE Complete professional service for extensions, conversions, new houses and commercial projects • Computer Aided Design Drawings • Free Initial Visit and Quotation 95 Cedar Road, Hythe, Southampton SO45 3PX Tel: 023 8020 7195 Email: info@sandersdesignservices.co.uk Web: www.sandersdesignservices.co.uk ASK A PROFESSIONAL Lesley Price FCILEx of CGM Solicitors Sets Out the Differences Between Being a Freehold and Leasehold Owner Freehold Title Freehold in its simplest form means you have outright ownership of a property and the land on which it stands. ere is no time limit to your period of ownership and you will be responsible for the entire property in terms of maintenance, repair and insurance. With older properties this usually also means your property is not subject to outside charges for communal facilities or services but this is not always the case particularly on more modern estates. Leasehold Flats Leasehold ats are in a communal building so the Landlord/ Freeholder will own the roof, foundations and the outside skin of the building. is would usually be insured by the Landlord under a block buildings insurance policy and you will be asked to contribute towards the costs. Unlike a freehold title your ownership of the property is time limited by how long the lease runs and in theory when your lease term runs out the freeholder gets the property back. (Although there are a number of ways to extend leases when they get too short) You will pay a service charge towards the maintenance of the shared parts of the building and you will be restricted in what alterations you can make to your property. Costs implications When deciding what type of property to buy, whether freehold or leasehold it is important that you seek experienced legal advice. Your solicitor should investigate all possible additional costs for you such as rent or maintenance charges, administration fees to be paid to landlords or management companies and future fees you may have to pay for consent for alterations or to let your property for example. It is important that not only the initial purchase costs but any ongoing costs you may be liable to pay are set out for you by your legal adviser. at way you can budget for them e ectively and avoid any nancial surprises. Our specialist teams can assist with all types of property purchase. Get in touch with us at enquiries@c-g-m.co.uk for a no obligation quote. Lesley Price FCILEx, CGM Solicitors
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