I am looking to renovate a maisonette that is a leasehold, I have renovated 3 houses before but these have all been freehold. We have made an offer but at the moment, do you not know the length of leasehold. The agent is finding out for me, I sort of know that anything less than 75 years is not worth looking at. But never having dealt with a lease hold before I am touch in the dark on it.

I would like to take a wall down in the property, can I do this, I assume I need to tell whoever holds the freehold, but can they decline?

Also, what costs are involved with my buying a leasehold property and are there any other things i should look out for?

A website to read would be a great start.

Thanks for any help

Hi,

You would have to ask rather than tell the Freeholder, and they could decline. There may be Service Charges attached to the property, so you should ask about these. Service Charges are quarterly or annual payments that you make to the Freeholder to pay your part of the upkeep of the communal areas.

Leaseholds usually come with defective leases nowadays, so there would be the cost (a few hundred) of indemnity insurance to satisfy your mortgage company. Other than that, it's pretty much straightforward.

Ary.

ps. there will be ground rent aswell. It's usually peppercorn (a token amount), but is worth knowing how much the Lease obliges you to pay the Freeholder for the privilege of living on his land.

Ary.

Thanks Ary

The agent is trying to get details of the costs, etc.

I spoke to the building regs about taking the wall down and they mentioned the party wall agreement and said to get the leaseholders OK as well.