According to the Land Registry, £2bn of new build leasehold houses were sold in England and Wales in the last year alone. In the same more…
Our expert conveyancing solicitors are experienced in leasehold transactions and can advise you whether you’re buying or selling a leasehold property.
Buying a leasehold property
When you buy a leasehold flat or house, you’re actually buying the right to occupy that property for the fixed term of the lease. You don’t own the land that your property is built on; this remains within the landlord’s ownership.
Despite this, buying a leasehold property is the same as buying a freehold property, with the additional aspects of a lease between you and the landlord.
The lease is a legal contract. It outlines the responsibilities of the landlord to manage, maintain and repair the building structure, common areas and exterior. It also details your obligations as the purchaser, including information relating to payment of ground rent and service charges.
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A simple guide to buying leasehold
If you're buying a leasehold property, make sure you understand your additional responsibilities as a leaseholder.