Not that I am trying to discourage you from buying a leasehold property but you have to agree with me that to get a good thing sometimes risks are involved. Buying a leasehold property is no different, it has a lot of benefits but there are also some risks that are involved when you are purchasing a leasehold property. Knowing about the risks will not cost you a thing and it might actually save you from becoming a potential victim of a leasehold scandal. If you are living in a main city and need further help with property issues such as birmingham or london, you may want to seek out a mortgage advisor birmingham. Check out some of the risks involved:
After reading through the lease agreement it is very vital to check out the roles and responsibility that belong to the freeholder. The freeholder usually have some roles to play in the maintenance of the house and that is why leaseholders have to pay an annual fee or service charge. Some landlords take advantage of the clients and they usually don’t provide the services that they are supposed to and they still take your money. Also you should make sure that you understand all the restriction that comes with the property you are purchasing because you might end up paying unnecessary money just because of doing some customization on the property which are restricted. Some freeholders will discourage owning of pets in their properties so you should check if that rule apply if you are an animal lover. If you need further advice around property in todays climate, find a mortgage advisor birmingham.
This is a very common thing and you will find a lot of people complaining of being overcharged by their freeholders especially when it comes to ground rent. Some agreements have a clause that allows the freeholder to add the ground rent after a certain period of time and if you are not keen enough when signing your agreement you might fall a victim of this leasehold scandal.