The Teams at Davies and Partners Solicitors Residential New Homes Department have in-depth knowledge and experience in acting for purchasers of new build leasehold properties from developers. We will guide you through the process of purchasing a leasehold property so that you fully understand your obligations under the Lease.
The vast majority of leasehold properties are apartments. If you own a leasehold property, you do not own the land the property sits on. At the end of the Lease term ownership returns to the landlord.
If you own a leasehold property, the repairs and maintenance on your property are your responsibility. However, you are not responsible for maintaining and running the building. The landlord will do this or appoint a managing agent to do this for them.
If you wish to make changes to your property you will usually need to get the landlord’s prior written permission. The landlord may make a charge for providing its consent.
The leaseholders will share the cost of this by paying a service charge to the landlord or its agents. You might also be asked to pay into a sinking fund, to help cover any unexpected maintenance work needed in the future.
Service charges vary from property to property and are to pay for example towards:
- Maintaining communal gardens and areas
- Electricity bills for communal areas
- Repair and maintenance of exterior walls
Other charges might include:
- Ground rent;
- Administration charges, or
- Buildings insurance (arranged by the landlord)
- Liability insurance for communal areas
You should ensure you are aware of the service charges before you put in an offer on a property as it may affect whether you can afford to live there.
If you own a leasehold property, the repairs and maintenance on your property are your responsibility.