Leasehold property can often put some people off buying a property, but as long as the title and lease are checked carefully by a qualified lawyer, your security of ownership is the same as buying a freehold property.
When you purchase a leasehold property you will own it for a fixed number of years and the term of years will vary from lease to lease. If you are mortgaging a property then there has to be a minimum number of years remaining for this to be acceptable for lending purposes. The required term varies from lender to lender and we would be more than happy to discuss your particular lease with you.
Leasehold properties are usually flats or apartments but can also be houses. Flat or apartment leases need to contain all the relevant provisions for the maintenance of common and structural parts of a building as well as other management provisions. You will often have to pay a rent and service charge whist owning the property. Leasehold houses will have a ground rent to pay and often maintenance charges if there are any communal areas on a development.
We can also assist with extending your lease, if the term is not sufficient to satisfy a lender, and taking over the running of the management of the estate by its property owners (enfranchisement).
We have a team of specialists who can advise you on all aspects of your lease and the obligations it will place upon you.
If you would like further advice on purchasing a leasehold property, please contact a member of our Residential Property team.