The system followed in England in order to buy a leasehold property is the most unique in the world. It is essential but there are some complications that come along with this system and hence the many leasehold scandals in the country. One needs to understand everything on the lease or he might end up becoming a victim too. If you are thinking of buying a leasehold property, here are the 5 things you should consider before signing the agreement. These aspects can apply to many big cities, including birmingham and london. If you are looking for mortgage advice birmingham, this will also apply to leasehold property.
Check the current lease length. The very first thing that you should check out is the length of time left on the lease. The longer the time left the better the deal is. Extending the lease is possible but it is going to cost you, instead of incurring unnecessary costs, opt for a leasehold property that has 80 years and above left on the lease.
Use the help of a solicitor. It is normal for a buyer to get all excited and end up signing the lease agreement without reading the agreement terms properly. This is a thing that can back to haunt you in the future and that is why it is vital to make use of a solicitor who will deal with all of your paperwork and explain to you everything you need to know. If you are looking for advice in big cities such as birmingham, you will also be able to acquire other property advice such as mortgage advice birmingham.
Make sure that you know the expected amount you are supposed to pay as ground rent. There have been stories of people complaining of ground rent increasing so it is very important to make sure you know the amount you are supposed to pay and during which occasions can the ground rent increase. Look at the service charge The service charge usually change from time to time but it is important to consider if the charge is reasonable.