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Is it worth buying a leasehold new build house?

I'm a first time buyer and looking at a new build house with a 999 years lease in Edgware, London. The ground rent is fixed at £350 per year for 10 years and then reviewed every 10 years based on RPI. It also has a service charge of £1250 per year fixed for 1 year only. The new estate has a communal heating system with a fixed charge of £258 per year. With all the above in mind would this property be too difficult to sell in 10 years time?

Asked on Jan 15 2017, New Homes in London | Report content

Answers (2)

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  • As the property is a house and within London I would have the lease read very carefully by your solicitor prior to making an offer, its a fairly hefty service charge and is somewhat strange to have communal heating on a house, if everything is in order resale shouldn't be a problem. Good luck Owen

    Answered on Jan 16 2017, Report content
  • Whilst long leases are always good (next best thing to freehold ownership), you should probably get these contracts and related paperwork checked over by a specialist solicitor to ensure there are no surprises.

    Answered on Jan 17 2017, Report content

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