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Is it better to buy leasehold or freehold?

What are the downsides of having a leasehold house on the Kingsley Village estate?

Asked on Apr 6 2013, General in Nantwich | Report content

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  • Short answer: Freehold, absolutely. Long answer: Many other factors should be considered which may be specific to the property in question. However, the peace, control and freedom of freehold properties make them more appealing to home buyers.

    Answered on Apr 8 2013, Report content
  • Hi scousegod, Generally, buying leasehold or freehold will not have a significant difference in terms of disadvantages, except for in one area - the length of time that is left on the lease in the former. To explain the difference between the two terms - freehold is where the person who owns a property has the full rights to it and the land it is built on and owns it 100 per cent, while leasehold gives you the right to live there for a specified number of years (without fear of eviction or any other issues that might be associated with renting). This is where the problem can rear its head, because it is important to check how long is left on the lease when it comes to buying the property you are looking at. When it comes to selling further down the line, it will be very difficult for your buyer to find someone who will give them a mortgage if the lease is 70 years or less. So it can be worth considering how long is left before you buy any leasehold property. Many thanks, Scott

    Answered on Apr 8 2013, Report content

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