The costs associated with purchasing a share of freehold in the UK can vary depending on a number of factors such as the value of the property, the size of the share being purchased, and any legal or professional fees involved.
Some of the costs that may be involved in purchasing a share of freehold include:
- Valuation fees: These are fees charged by a surveyor to determine the current market value of the property and the share of freehold being purchased.
- Legal fees: These are fees charged by a solicitor or conveyancer to handle the legal aspects of the purchase, such as preparing contracts, conducting searches, and registering the change of ownership.
- Transfer fees: These are fees charged by the freehold company or managing agent to transfer the share of freehold ownership from the seller to the buyer.
- Stamp Duty Land Tax (SDLT): SDLT is a tax on land and property transactions in the UK. The amount of SDLT payable will depend on the value of the property and the share of freehold being purchased.
- Mortgage fees: If you are obtaining a mortgage to finance the purchase of the share of freehold, there may be mortgage arrangement fees, valuation fees, and other associated costs.
- Professional fees: Depending on your individual circumstances, you may need to seek professional advice from an accountant, tax advisor, or financial planner. These fees will vary depending on the services required.
It is important to note that the costs associated with purchasing a share of freehold can be significant, so it is important to budget accordingly and seek professional advice before proceeding with the purchase.
