Letting agents Redditch can help with property queries you may have. Most flats are owned in leasehold basis and this trend is increasing on the new build homes as well. If you are planning to buy a leasehold house or you moved in just to realise that it is a leasehold house, here is what you need to know.
Letting agents Redditch can provider further information around this subject. Once you purchase a home on leasehold terms, you will be owning the property but not the land it sits on. I have never understood why it has to be like that, but that’s just how it is. This system is followed in Wales and England. The rules in Northern Ireland are a little bit different. Because you don’t own the land, the landlord will be “renting” you the land on an annual fee because you can’t possibly move the property out of his land or can you? Some clauses allows the landlord to increase the ground rent after a certain amount of time. Historically it used to be after 33 years but nowadays you cannot be sure of anything, some developers are taking advantage of people who don’t read the lease contract carefully. They are inserting a clause that allows them to double the rent after every 10 years. It is no wonder there are a lot of leasehold scandals in recent years.
As we have established, you don’t fully own the house like forever. Your ownership is until your lease runs out and from there you can extend or you can just move out. So technically, the house still belongs to the freeholder. That is why you will be required to pay a service charge in order for him to keep maintaining “his” home.