Purchasing a leasehold property means you’re buying the right to live in the property for a set number of years, while the freeholder retains ownership of the land. It’s crucial to understand the terms of the lease, including the remaining lease duration, ground rent, and service charges. Always seek professional advice to navigate the complexities and ensure a smooth purchase process.
Purchasing a leasehold property can be a great investment, but it comes with unique considerations. Here’s what you need to know:
🔑 Lease Terms: Understand the length of the lease and any potential costs for extending it.
🔑 Ground Rent & Service Charges: Be aware of ongoing fees and how they might change.
🔑 Restrictions: Check for any rules that could affect how you use or modify the property.
🔑 Maintenance Responsibilities: Know what you’re responsible for and what the freeholder covers.
Ready to take the plunge? Know the details, ask the right questions, and make an informed decision!
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