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Essential advice for buying a leasehold property

Essential advice for buying a leasehold property

When buying a home, it is important that you understand all aspects of the ownership. Such is the situation when you buy a leasehold property. Typically, when you buy a house it is a freehold, though there are exceptions of course. Freehold means that you purchase the house and the land it sits on. Leasehold properties tend to be apartments; here, you lease the land on which your property sits from the freeholder for the length of the lease. There are several things you need to be aware of when purchasing a leasehold property.

Lease length
Lease lengths can vary from 99 to as high as 999 years, and the longer the lease the better, as it can affect the resale-ability of your home. This is because the process of renewing a lease is a long and expensive one, so we would also advise that you look for something longer than 80 years.

Read the small print
There can be specific covenants on leasehold properties, such as the need to obtain permission to own a pet and for works to be undertaken in your property, to rules about communal areas. At Knights Property Services we will always make you aware of any such restrictions, so you can make the decision that is right for you.

Be aware of the costs
When buying a leasehold property, there may be an obligation to pay ground rent as well as a service charge. Ground rent can be a nominal fee, but make sure that you check the lease so that any changes and rises are acceptable. Service charges are to cover repairing and maintaining the property, its facilities and communal areas. When working out your budgets and monthly costs, make sure you add the ground rent and service charge to your figures as well as any additional fees that may be required, such as an annual reserve fund.

Legal team
No matter whether you are buying a freehold or a leasehold property, your choice of solicitor or conveyancer can make the difference between a sale holding together or falling apart. We would recommend you use Brogan Property Lawyers; not only do we think they provide an exceptional service, our clients think so too.

The right agent
You may think that the agent selling the property is irrelevant, but there are many advantages of taking this into consideration. The right agent will be upfront with everything to do with the property, positive and negative. The right agent will get to know what you are looking for in a property and proactively search for one that meets your needs. The right agent will work hard after the offer to keep the chain together and make sure you have a smooth and successful purchase.

Knights Property Services, the right choice.

Why not try our free, quick and stress-free valuation? Head to our online form now. For a more in-depth valuation, speak to one of our expert Directors at Knights Property Services on 01276 539111

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