Estate agents halesowen can help with property queries you may have. When you are buying a property in Wales or England, there are usually two main types, the freehold or leasehold. Freehold. When a person buys a freehold property, he or she owns the property and the land the property is in. Leasehold. When a person buys a leasehold property, he or she owns the property but not the land it stands on. It is like kind of a leaseholder rents the property for a number of years or a number of centuries.
Estate agents halesowen can provider further information around this subject. In England and Wales, most flats are usually sold on leaseholds agreements and that’s why we intend to elaborate more on the same. One thing you should understand is that buying the property on leasehold terms does not mean you cannot become a freeholder. There are many scenarios where the houses are sold on terms where you can share the freehold with other leaseholders in the flat. Sometimes there are a lot of controversies associated with leasehold properties.
Leasehold contract usually have a lot of terms associated with them and the clauses causes a lot of confusion to the leaseholders. In the recent years over 12000 people have been involved in ground rent scandals. Some people just wake up and find that the ground rent they are supposed to pay have increased. This is very possible because some contracts have clauses that allows the freeholder to increase the ground rent after a certain period of time. It can be after 10 years or after 15, whichever it is you need to make sure you have looked for that clause before agreeing to buy a property on leasehold. When buying a property it is wise to use a solicitor who will advise you accordingly and if something backfires on you in future, you can have some grounds to start a case.