Residential Property

FAQs on residential property

FAQs - Buying or selling a property at auction
Auctions are an increasingly popular way of buying and selling property. While there are many advantages, it is not wholly without risk. The unwary can fall foul of legal and financial traps which reduce the return on their investment.
FAQs - Extending the length of a flat's residential lease
If you own a flat then you have the right to extend your lease by 90 years at a nil rent. This is an individual right given to all flat owners if they satisfy certain criteria.
FAQs - Buying the freehold of flats with other tenants (collective enfranchisement)
Since 1993, tenants of blocks of flats have the right to collectively acquire the freehold of their building.
FAQs - Buying the freehold of a leasehold house
Since 1967, tenants of houses under long leases have had the right to either acquire the freehold to their house or to extend the lease by 50 years.
FAQs - Taking over the management of a block of flats with other tenants
The Commonhold and Leasehold Reform Act 2002 has given a new right to tenants of blocks of flats to take over the management of their building without having to acquire the freehold or having to show fault.
FAQs - Stamp duty land tax (SDLT)
Stamp duty land tax replaced stamp duty in 2003. It is a tax charged on 'land transactions', that is, the acquisition of a 'chargeable interest', which includes freehold and leasehold interests in land located in the UK.
FAQs - Residential property
Some frequently asked questions covering the main aspects of residential property.

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