Problems you might face when buying a leasehold property

When buying a leasehold property just like doing any other thing, you will come across various problems that might cost you a lot to solve them; this can be avoided if you knew those problems before you start your purchase process. Such problems include;

  1. Fully relying on the solicitor
  2. When purchasing a house it is good to have a solicitor to deal with the legal issues, however you the lease and get to know it better. Know the restrictions in the lease and all the charges because you are probably investing a lot of money into it, furthermore the solicitor won’t be there when you get caught in a leasehold scandal

  3. Insurance
  4. When it comes to insurance a problem may arise too and you should be very keen with it. First, the freeholder will cover the whole building and again recover that insurance in the service charge, the problem here is that you will have no options because you are locked up in the freeholder’s insurance and that’s quite expensive. You can however get to an agreement which allows a leaseholder to ensure their own property; with this you can chose whatever insurance is affordable for you.

  5. Absentee freeholder

It can be really problematic if you never see your freeholder for years, who is going to deal with the enforcement of the agreements made? For instance people living next to you breaks the agreements, what can you do about that when you cannot really get in touch with your freeholder? Well, you should then you should know the availability of the freeholder just before you purchase the property because failure to which, the whole thing might just land you into a leasehold scandal.

Try to check on these things to keep yourself safe from trouble.