Leasehold Residential Property Conveyancing

If you own property leasehold it means that you own the bricks and mortar of the property but not the land on which it is built. You only own the property for a fixed period of time, called the “term”.

You will have a legal agreement, called a lease, that will tell you, among other things, how many years you will own the property for and whether any ground rent is payable to whoever owns the land, the landlord (also known as the “freeholder”). The ground rent can be a nominal or significant amount.

The property may be affected by restrictions put in place by a previous owner of the land. It will certainly be affected by the terms of the lease. You should not assume that the lease will allow you to sub-let the property or to make alterations.

As the owner of a leasehold property you will have to comply with all local and national government requirements for the property. For example fire risk and asbestos risk assessments may need to be in place for the building as a whole; this will need to be checked out even though you are only buying a part of the building.

Most flats are leasehold and some houses too. Shared ownership properties and Sheltered accommodation are always leasehold.

If you are on a tight budget it may be worth having an informal chat with us even before you start your property search, so that we can give you a few tips on what to look out for.
 

Residential Leasehold Property Conveyancing in Surrey