Leasehold Flats

Legal advice for leasehold flats in Worcestershire

Buying a leasehold flat is a specialist area. Leitch & Co have the expertise to advise on the process.
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What is leasehold?

Leasehold properties can be purpose-built or a conversion. Leasehold is the right to occupy and use the property for a fixed term (usually between 99 and 125 years). The landlord retains the ‘freehold’. Care is needed when the leasehold is less than 70 years as lenders may not wish to lend. The lease may have to be extended, at a price.
Buying a freehold property
key handover

What do you own?

Normally you will own the interior of the property, including the internal surfaces and the walls and ceilings. The external or structural walls and the common parts of the building are normally owned by the landlord who is responsible for their maintenance and repair - but where the cost is recovered from the tenants.
landlord

What is a lease?

A contract between the landlord and the buyer (the ‘tenant’). It sets out what each party is bound to do. The tenant has to pay ground rent and contribute to the cost of maintaining and managing the building. The lease will place conditions on the use and occupation of the property. The landlord will be expected to manage and maintain the structure, exterior and common areas of the property, to collect contributions from all tenants and to keep accounts.
To get advice about buying a leasehold flat, call us on
01386 49227
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