When it comes to acquiring a leasehold property, it’s crucial to comprehend that you are obtaining the leasehold interest and the privilege to inhabit the property for a specific number of years, rather than complete ownership. The rights and responsibilities of a leaseholder are determined by the terms of the lease, which is granted by the individual or entity that owns the building or land, known as the freeholder, landlord, or lessor.
At Burrows Solicitors, our team of property experts is dedicated to delivering professional and approachable support, providing friendly and knowledgeable guidance. With our extensive experience in assisting clients with the purchase of leasehold properties, we are well-versed in addressing the unique and occasionally intricate matters associated with these transactions.
How We Can Help You
Our primary objective is to ensure that our clients have a comprehensive understanding of the lease terms and duration, as well as any additional costs typically associated with leasehold properties, such as service charges and ground rent payable to the freeholder.
It is crucial to be fully informed about the length of the lease before proceeding with a purchase, as it can have implications for securing a mortgage and determining the future value of the property. Different mortgage lenders have varying requirements, which should be taken into consideration once the lease term is known.
Our team is capable of assisting you in understanding your lease terms and exploring options with your landlord and lender. This may involve negotiating terms, extending your lease, or potentially considering the purchase of the freehold at a later stage.
While most leaseholds are sold under long leases, there are cases where freehold flats or apartments present more intricate legal matters. Our property experts are well-equipped to provide guidance in such situations as well.
Understanding the Nature of Leasehold Properties
It is important to recognise that a leasehold property is a depreciating asset with additional obligations and considerations. If you are contemplating the acquisition of a leasehold interest in land, our team can help you navigate the intricacies and ensure that you are equipped to make informed decisions.
Please do not hesitate to contact Burrows Solicitors today to learn more about our services and discover how we can be of assistance to you.