Buying Leasehold Property

If you are considering buying a leasehold property, expert advice from conveyancing solicitors can help you avoid legal and financial issues that can sometimes make the process complicated for purchasers.

Here at JMW, our solicitors have many years of experience helping homebuyers to ensure the investment they make is a good one by explaining everything they need to know about this kind of agreement in plain English.

To get in touch with our team, call 0845 872 6666 or complete the online enquiry form at the side of the page.

What is a Leasehold Property?

A leasehold property can be a house, flat or commercial property. However, it differs to the majority of properties in that, despite needing to buy and mortgage it, it is only 'owned' by the purchaser for a fixed period of time as outlined in the lease.

What's more, the land on which it is built is not owned by the homebuyer. Instead, it remains under the ownership of the original landlord, known as the freeholder.

At the end of the lease, which could run from a couple of years up to 999 years, the property is returned to the freeholder.

Get Advice on Buying Leasehold Property from JMW

Because of the difference between buying leasehold property and more common freehold property, it is extremely important that leasehold property buyers fully understand the agreement they are entering into. If they don't, owning a leasehold property can be costly and stressful.

Our conveyancing solicitors will be able to check a range of important details, such as:

• The ground rent due to the landlord/freeholder
• Other service charges that are owed
• The length of the lease
• Responsibility for maintenance or structural work on the building
• How to extend the lease

We will also be able to advise you on getting a mortgage on leasehold properties and talk you through your rights and responsibilities as leaseholder.

Contact JMW Today

To receive invaluable legal advice on buying a leasehold property from our specialist solicitors, get in touch by calling 0845 872 6666 or completing our online enquiry form.