| Over the last several years, there has been an increase in demand for affordable housing in the United Kingdom. As a result, some builders are building residences for purchasers on a reduced budget.
This is clearly excellent news, but it may come at a cost.
Keep an Eye on Things:
It's nothing new to sell a house as a leasehold, and it's not always a negative thing. It all depends on the leasing conditions.
Some property businesses, on the other hand, have sold leaseholds to other property companies. These businesses, according to The Guardian, have offered to sell the homeowners the freehold rights to their house for a premium sum. If the owner refuses, they can keep paying the ground rent, which increases every 10 years.
The lease on a new-build leasehold property is typically 999 years long, with a ground rent of roughly £295 each year.
Our lease extension experts can guide you through with efficiency. |
