Most flats in England and Wales can be bought on leasehold term and a lot of people are opting to buy leasehold properties since they are cheaper to acquire especially to those who are looking for accommodation on short term basis. What some people don’t understand is that buying a leasehold property requires one to be very vigilante or he might end up becoming a victim of a leasehold scandal. You need to make sure you have understood everything before signing the lease agreement form. With buying or renting property comes many factors to consider, which is why if you are in a busy area such as Birmingham, estate agents bromsgrove are worth considering to help you and find advice.
There are several factors to consider when buying property. You need to consider the number of years left on the lease before making an offer. The longer time left on the lease, the better. You need to consider how you are going to budget for ground rent, service charge and all the related costs or you are going to find yourself in trouble with your landlord. You also need to consider how the length left on the lease might affect the resale or mortgage value of the property.Estate agents bromsgrove may be able to help you find a solution if you are struggling with leasehold in the West Midlands.
The length of the lease is very important and that’s why it should be always the first thing you consider before you consider purchasing a leasehold property. If the lease is less than 70 years you might find it very difficult when it comes to mortgaging the leasehold property. If the length of the lease is below 30 years just avoid the property because you can’t mortgage the property. Even for a property that have a lease of 80 years and below, it might be very difficult to sell it. You should consider buying a property which have a 99 years and above left on the lease because with such a length, you can be sure to sell the property and even buy it back if you want to.