Leasehold Properties
A lease is a legal agreement between a landlord and a tenant which gives the tenant the right to use or live at a property for a fixed term of years. At the end of the fixed term, the property reverts to the landlord.
As the freeholder, the landlord continues to own the building and the land it stands on throughout the term of the lease. When you purchase a leasehold property, you will acquire either a new lease or the remainder of the term of an existing lease. Either way, a lease is the legal agreement between you and the landlord and sets out certain conditions that you must comply with. These usually include payment of a ground rent and a service charge.
It is important to get proper legal advice about a lease before you buy. The lease not only sets out your obligations but also those of the landlord, the term of the lease and how much rent and service charge you must pay. A service charge is an amount that the leaseholder (tenant) must pay to the landlord (or sometimes a management company) to look after the building and provide services that are shared between a number of leaseholders.
Sometimes leases provide for shared ownership and this can be quite complicated.
We deal with all kinds of leasehold transactions (buying, selling and remortgaging).
Your property transaction is safe in our hands.