When you own a leasehold, you have the right to occupy that property for a determined period of time and you are called a “leaseholder”. The right of occupancy is principally governed by a legal document called the lease. As a leaseholder, you do not “own” the property or the land and you will have a landlord (also called a freeholder) to whom you will have to pay an annual ground rent. In the UK, the majority of flats (and in some instances houses) are held on leasehold tenure.
When you make the decision to sell your home or investment property, there is a lot to think about. The sales process can be a little confusing because, while it's not overly complex, it does require a lot of different steps and the involvement of a significant number of different parties at various stages of the transaction.
£232,000….This represents a lot of money and is approximately 7 times the average full time wage in the UK today.
If you have not already guessed what the number represents, it’s the current average house price in the UK and, for many people, it is the most expensive purchase they will ever make in their lifetime.
As a seller, it’s great to experience the euphoria of receiving and accepting an offer on your property. However, unfortunately there is still some considerable work to do before you “pop the cork” to celebrate the sale. You will need to be a little patient in the period between offer and completion, as the overall process seems to take an “eternity” as searches are performed, mortgages are approved, enquiries are answered etc.
Clients frequently ask when is the best time of the year to sell their home to get the best price? Like many things in life, the answer is “it depends”! Not very helpful – right? The reality is that most people don’t have the luxury of being able to pick an exact month they can sell. Other factors such as a need for more space, a change of job or change in personal circumstances tend to dictate when we sell our homes as opposed to a particular season.