As we all know purchasing a Leasehold property is not always as straightforward as purchasing a Freehold property. Susan Robinson of Optima Legal has written a note on the particular issues and problems surrounding Leasehold properties, aimed at mortgagees in possession but these issues have as much relevance to any purchaser intending to acquire a Leasehold property. The following are the main points to consider:-
– Valuation
– Service charge over-claimed
– Validity of service charge demands
– Limited period to claim service charge
– Payments not authorised by the lease
– Fraudulent management companies
– Challenging administration fees
– Defective leases
– Requirements on Assignment
You can read Susan’s full note here
What do you think are the main issues arising from a Leasehold transaction and what can you do to combat those issues?
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