Leasehold Law Issues – Look to Your Solicitor
When looking to buy a property; whether it be a flat or house, the complexities of the leasehold and the law attributed to it can become very daunting to an inexperienced buyer. This article looks to explain the leasehold law and give a few pointers to new buyers about where to look for help.
In the UK about 3 million people live in leasehold houses and flats, however even if they have a mortgage they do not theoretically ever own the property. This makes the leasehold industry a tricky business with many leaseholders charging thousands of pounds to extend leases that are below 80 years. Mr Marsh from the Law Society said: “Some landlords are using the complexities of the legislation and the innocence and gullibility of flat owners to their own advantage and I’m anxious that flat owners know what their rights are.”
It is important to inform the public that if they are in this situation and feel they are being requested to overpay for a lease extension that they can take their case to a legally binding tribunal. However, before taking this step it is necessary to research the industry and attempt to negotiate between parties. A local solicitor is the ideal port of call as they can help you with any leasehold problems. There are solicitors all over the UK offering services from leasehold Dorset to leasehold Leeds help and advice. When entering a property sale it is necessary to have a solicitor to help you with contracts and so that you can be given legal advice that will protect you from overpaying for a property.
Related leasehold Bournemouth businesses have seen a rise in issues relating to leaseholds for new buyers. This could be due to a number of reasons but one suggestion is that an increasing number of University students are staying down in Bournemouth after graduating to live permanently. These graduates eventually look to buy and being first time buyers encounter issues with leasehold law and in turn seek the advice of a Solicitor Dorset.
Overall, the best advice is to make sure you understand that if you buy a leasehold property, you will never technically own it. The ideal property is a freehold property whereby that property is automatically yours – however these are harder to find and can increase the price of a property. If you are still unsure about leaseholds visit your local solicitor or estate agents who will be able to help you further.