Freeholder
I am a Freeholder
You have been served a section 42 notice or your leaseholder wants to extend their lease informally. As a freeholder, you are not responsible to pay for the fair and reasonable valuation and legal fees.
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Exploring property ownership in the UK
What is a Freehold?
A Freehold is the complete ownership of a piece of land and all immovable structures built on it.
If you buy a freehold, you’re responsible for maintaining your property and land, so you’ll need to budget for both these costs. Most houses are freehold but some might be leasehold, usually through share-ownership schemes.
What is a Section 42 notice?
A Section 42 Notice (also known as a Tenant’s Notice) is served on the landlord/freeholder of a property and starts the purchase of the freehold or lease extension process.
Once a valuation of the property has been carried out by your surveyor they will send the valuation on to your solicitor. Next, your solicitor will serve a Section 42 Notice on your landlord/freeholder advising the amount you are willing to pay for the freehold.
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