Leasehold

 

For more information or a comprehensive quotation without obligation please contact:

 

 

telephone : 02476 553181

 

 

email :

 

conveyancing@s-law.co.uk

 

 

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 have 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 and as a matter of course would advise on all these points.

 

 

23rd February 2019

Sarginsons Law