Buying a leasehold property, which is usually a flat but could also be a house, comes with its own set of considerations that our conveyancing team will help you navigate.
If you are buying a leasehold property, it is important to understand that you are not buying the outright ownership of the property but a lease from the freeholder, often the developer, to use the home for a set number of years. Typically leases run for 90 to 999 years but it is important to check the remaining term before proceeding. If a lease has a particularly low amount of time left to run (below 80 years), this can be a problem for mortgage lenders and a lease extension may be required. We can advise you if this is the case and often the seller would be responsible for any costs involved.
Once our conveyancing team has received the memorandum of sale, they will request and look through the lease to ensure the term and any clauses are all in order and correct. We will also make sure you understand your rights and obligations as a leaseholder. These could include service charges, ground rent, maintenance and administration costs payable to the freeholder among other things.
We will also make you aware of any considerations if there are communal areas. Although this is most common in flats, it can also affect communal gardens or parking areas.
This might seem like a daunting process, but rest assured our team is highly experienced in leasehold properties and will make sure everything runs as smoothly as possible and that your rights and responsibilities are communicated to you in a clear and straightforward manner.