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ALL THE LATEST NEWS, VIEWS AND STORIES FROM AROUND YOUR LOCAL AREA:NOVEMBER/DECEMBER


Leasehold or freehold – what’s the difference?


When buying a property your first thought may be “this property is perfect” and “where am I going to fit my sofa” but for your legal advisers one of the first things that we will look at and advise you on is the tenure of your property.


The tenure may be freehold or leasehold. If your property is freehold then you own your property and also the land upon which your property stands. Today, however I want to look in more detail at leasehold tenure


If your property is leasehold then this means that the land upon which your property stands belongs to your Landlord (often called the freeholder) and you will take a lease of the property. This could be anywhere from 99 years up to 999 years. A leasehold title is usually more complex and your Legal Adviser will guide you through this process.


In our area, we have a number of leasehold titles more commonly known as a “Cockermouth Leases” or a “Curwen Lease” where houses have been let on 999 year leases for a nominal ground rent of say a peppercorn, or a very low value and the only implication for you is to ensure that you pay your yearly ground rent. At Burnetts, our legal team is very familiar with these leases and it is always useful using a local conveyancer with local knowledge who can confirm for both you and any mortgage lender that this title is good and marketable.


 


be various restrictions, things you “can and can’t do” and you will have to pay maintenance fees, annual service charges and ground rent. The Landlord will insure the building and maintain any common  will have to pay a share of this in your service charge. It is important that your Legal Adviser goes through these things with you in detail.


There have been a number of issues which have been highlighted in the media more recently in relation to new build homes and leasehold. These have been offered with excessive ground rent schemes and unfair service charges and the government have stepped in to look at tackling this issue. It is important to stress that this does not affect everyone with a new build, leasehold property. The importance of obtaining good legal advice from a local knowledgeable legal adviser is essential before making any commitments to purchase a property.


 contact  on 01900 510366, visit  or e: kah@burnetts.co.uk


Expert legal advice on your doorstep


      


  


      


01900 510 366 3c Lakeland Business Park, Lamplugh Road, Cockermouth. CA13 0QT e: ts@burnetts.co.uk www.burnetts.co.uk/WestCumbria WWW.THECOCKERMOUTHPOST.CO.UK


16 NOVEMBER 2017 ISSUE 420 PAGE 15


Cockermouth


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