Flats and maisonettes are generally sold on the basis that the buyer will own them for period of years. This called a leasehold interest. Some houses are even sold on this basis. Special care is needed when buying such properties.
In particular, a buyer should have regard to the following:
• The length of the outstanding term needs to be greater than 60 years because
some lenders will not lend if the term is less.
• The contents of the lease has to be checked to establish who has the legal
obligation to repair and maintain the property.
• If a management company is involved, the buyer must make sure that all sums
have been paid up to date and that there is not going to be a substantial increase
in maintenance charges in the near future.
• In certain circumstances, owners have the statutory right to extend the lease and
join with other owners to buy the freehold.
Sarginsons Law has wide experience in buying and selling leaseholds can offer expert advise on the above points.
For a comphrensive guide to our pricing for conveyancing costs, please click here.
If you would like an no obligation quote for your leasehold purchase please contact us via;-
Telephone: 02476 55 31 81