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Buying a lease might not seem all that different from buying a property outright. The process is similar and the result is the security of a home, for the time being. But in reality, leasehold ownership can throw up a great number of issues. So it’s important to understand exactly what this sort of arrangement means for you.
There is one fundamental difference between owning a lease and owning a property: the freeholder. This is the true owner of your apartment block or set of flats. As a lessee, you must agree with your landlord (who may or may not be the freeholder themselves) terms about your use of the property and the regular payments you must make for its upkeep. It inevitably means that, from time to time, there are disagreements. And these can be problematic if not handled properly.
Our residential property specialists advise on all aspects of leasehold law. That means we’ll help you decide if the property you’re considering would work for you, practically and financially. We’ll scrutinise the lease, talk you through the terms and support you in any negotiations you should be having with your landlord before you commit.
We’re also here to advise on any problems during the course of the lease. Your landlord might be looking to increase your ground rent or service charge, or may be falling short in their management of the shared building. You may be keen to make alterations to your flat, but are faced with opposition from the landlord or from neighbours. You may be looking to set up a residents association or, as an established association, need some collective advice. Or perhaps you are interested in buying the freehold but are not sure how to go about this, or about how to fund it or agree terms.
Talk to us. Our team deals with issues like these every day for customers all over the UK.