Buying leasehold flat

[Mayra1367]

Daughter is thinking of buying a leasehold flat . We have no experience of this so can’t offer any advice.
Anyone got any advice on what is normal in a lease , what to look out for ?
Thanks x

If she can possibly buy a freehold property she should do so.

The advantages over leasehold are overwhelming.

We have share of freehold in our flat, 1 pf 4 in a converted victorian house. £75/a month pays for a gardener and insurance and it accrues in case of any other work.

One thing that is worth asking is if there is any work due to happen soon, the leasehold company should know this information. I.e all the buildings require new roofs at a cost of £X to each leaseholder. We didn't go through with the purchase of a flat as the lift systems were being updated at a cost of £5k to each flat, for example. The same place also had £100/a month fees.

We found share of freehold places to be more reasonable but like a pp said there's risk either way. And I suppose if you own a freehold house you a liable for the entire cost of a new roof/gardener/insurance etc rather than just a quarter or whatever.

Just because you own a share of freehold, doesn't mean you are not a leaseholder. You will be both.

Share of freeholders who are live in leaseholders still have to adhere to all lease conditions, pay service charges etc.....

Avoid any properties that do not have service charges set up. This is not a good way to run them. All properties need maintenance at some time of another. At least if you have a sinking fund you will have the funds available and not get a nasty bill.

Check the ground rent charges and length of lease. Once it goes below 80 years you will have marriage value to contend with so any lease extension will get more expensive.