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In This Guide

Before you start

Choosing an area

Homes needing work

My dream home

New homes

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Online search

Schools

Types of purchase

   1. Freehold or leasehold

   2. The lease

   3. Leasehold costs

   4. Leasehold complexities

   5. Leasehold complaints

   6. Shared Ownership

   7. Homebuy

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The lease

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The lease apportions responsibility for maintenance of different parts of the building. It sets out your obligations as the leaseholder and any terms you have to abide by. These may include the following:

  • Ground rent payment responsibilities, amounts and frequency

  • Service charge and maintenance arrangements

  • Restrictions on alterations to the appearance of the exterior of the building

  • Frequency and nature of repair work you are required to carry out...

...and a whole host of other legal things that your solicitor should always check thoroughly. Your solicitor should make thoroughly sure that all the responsibilities are clearly set out and in your best interest.

Leases can vary greatly in length. As a rule of thumb, the longer the lease, the higher the value it can be sold for. Most new or refurbished properties are sold with a 99-year lease, though these can be as long as 999 years. You would certainly be a far-sighted individual if your insistence on a finding a lease this long was based upon concern for your descendants' welfare.

Most mortgage lenders generally don't have a problem with providing you money to buy a leasehold property, as long as the lease is long enough. They usually have a limit of around 50 or 55 years on the terms of a lease, as they generally like to have at least 20 years left on the lease once the mortgage has been repaid. This is changing slowly thanks to new legislation that is making it slightly easier to purchase the freehold or extend the lease.

As a leaseholder, you are in no way obligated to retain the lease. You can sell up at any time.

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