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Buy to let property advice

1 reply

manchestermom5 · 30/05/2020 15:03

Hello Everyone
I am thinking about buying to let an apartment(first-time buyers) around Manchester/Liverpool. I would appreciate any advice. Any specific, reliable property agents?
Most of the apartments are on leasehold, what are the drawbacks of leasehold compared to freehold?
TIA

OP posts:
Pipandmum · 30/05/2020 15:12

Most flats are leasehold. You want as long a lease as possible- at least 99 years if you plan to hold on to it for a while, though many people buy in the 80s but it will be going down in value. Freehold means you own it outright and usually means a house, though you can have a share of freehold with a flat or a leasehold and own the freehold to the building. Who ever owns the freehold is responsible for the building insurance and upkeep of the common parts and fabric of the building - they get the cost of this back through service charges. If you have a leasehold then you have to pay said service charges, and you want to be mindful of the cost as you pay it, not your tenant. Also ground rent and hoe this is set to increase over the years.
Your solicitor should guide you through all this.

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