What is a freehold purchase?
If you own a leasehold house, you can purchase your freehold interest from your freeholder. You can do this voluntarily or you can exercise your right in law, provided you have owned the property for more than 2 years. You can force the freeholder to sell their freehold interest at a reasonable price too, but you will be responsible for the freeholder’s legal costs and surveyor’s fees.
Is it worth buying your freehold? In most cases, yes! They are easier to sell and get mortgages on if properties are freehold. This is particularly the case if there is a short lease. There are different types of valuation depending on the value of your property, so it can be very affordable.