Can I buy a leasehold?
It is possible to purchase the freehold of a leasehold property under certain conditions, but this process, known as enfranchisement, can be lengthy and costly. You should seek advice from a solicitor or the Leasehold Advisory Service for more information.
Another option, if you live in a building with several flats in it, is to buy a share of the freehold along with the other leaseholders in the building, known as commonhold. In order to buy under a commonhold arrangement over half of the people living in the building must agree to buy a share. The owners will then collectively own the freehold and be responsible for its upkeep.
For more information about how a leasehold could affect your mortgage selection give our experts a call and they can advise on the best option for your circumstance.