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Buying Leasehold Property
If you are considering buying a leasehold property, expert advice from the real estate residential solicitors at JMW can help you avoid legal and financial issues that can sometimes make the process complicated for purchasers. We have many years of experience helping homebuyers to ensure the investment they make is the right one and we will guide you throughout the process.
Get in touch with our team today to find out more about our services and how we can assist you with buying a leasehold property. Simply call us on 0345 872 6666 or complete our online enquiry form and we will get back to you as soon as we can.
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.
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 you don't, you may find owning a leasehold property costly and stressful.
Our real estate residential 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 a leaseholder.
Your responsibilities as a leaseholder will be outlined in your lease and will explain certain conditions, such as:
- The amount of money you will have to pay to make sure the property is properly maintained
- Whether you need permission to make alterations to the property
- Whether it is your responsibility or that of your landlord to deal with repairs
As a leaseholder, you will have the right to:
- Consultation about certain maintenance and running costs
- Gather information about service charges or insurance
- Know the landlord's name and address
- Challenge certain charges, where appropriate
The real estate residential solicitors at JMW will walk you through this seemingly difficult process and make sure you fully understand it, explaining everything you need to know about this kind of agreement in plain English and offering support every step of the way.
We are highly experienced in advising people considering buying a leasehold property and you will be placed in the best possible position to avoid any legal issues that can sometimes emerge from this process.
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