Just 4 Mortgages
What You Need To Know About Leasehold
Guide
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A Leasehold property is one where you do not own the land that your property sits on such as a flat and you essentially rent the property from the freeholder who owns the land until the lease expires. A Freehold property is one where you own the building and the land it sits on.
When purchasing a leasehold property it is important to know:
- The number of years left on the lease
- Service charges and ground rent
- Additional fees such as admin fees if you wished to sell
- Who is responisble for repairs
- What permissions you may need to obtain for any alternations
Once you know the above information it will become a lot easier to make an informed decision on if the property is right for you and affordable when considering the other fees involved.
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Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage. The guidance and/or advice contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK. There will be a fee for mortgage advice. The precise amount will depend upon your circumstances but a typical fee will be £494