Leasehold conveyancing

[EstateAgentz]

Can anyone advise anything about buying a leasehold property- things to think about different to when buying a house.

Leasehold term, service maintenance costs and building insurance

Anything else?

Is there a certain type of solicitor that I ask for when dealing with the purchase compared to house sale?

Anything in particular to look out for?

Service charge is the main thing. Have a good look through the accounts and estimated service charge when you get the management pack. Be aware of any planned work that can’t be costed up yet.

Your conveyancer (any decent one will be able to do leasehold) will advise you on the ground rent and the term of the lease.

Rising ground rent

1. Service charges and how much in sinking funds (how much kept in reserve for any major issues)
2. major works planned and costs
3. lease term
4. ground rent - if it’s a rising ground rent the terms of it - also if it reaches a limit it turns the lease into an AST
5. any restrictions on lease e.g. no pets etc

any conveyancer can do this. Ask them for a quote for a leasehold purchase. This will include their fee plus disbursements