When you buy a freehold property, it means that you own the building and the land that it sits on. However, leasehold properties are more complicated. If your property is leasehold, you own the property, but not the building or the land and you are subject to pay ground rent to the freeholder.
Many flats, apartments and maisonettes are leasehold due to the nature of the shared structure; however, we are seeing a rising number of new build houses that are leasehold.
Complications could include increasing ground rent, maintenance and service charges, issues with the length remaining on the lease, restrictions on what you can do with your property or who can live there.
When buying a leasehold, it is vital to understand the legalities and instruct a solicitor who will clearly explain the pros and cons so that you can make an informed decision with no hidden surprises to discover later down the line.
To speak to our knowledgeable team about purchasing a leasehold property, lease extension or any issues arising with your leasehold property, then please get in touch. You can complete a form on our website, email us at info@bbelaw.co.uk or call us on 01253 362 500.