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Buying property in UK terminology

Could you please explain what the following are:- Onward Chain, Years lease, Selective Licencing Scheme, Home Life Plan, Service Charges and Ground rent P.A.

Asked on Oct 14 2014, General in London | Report content

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  • Onward Chain: the seller needs to complete the purchase of a property before they can move out. Years Lease. Leasehold property, in principle a leasehold is a very long term rental agreement (usually starting at 99 years or more). If there is less than ~70 years lease remaining you may not get a mortgage. Ground Rent : the rent payable on a leasehold property. Service Charge: charge for the maintenance of the structure of a leasehold property. PA: Per Annum = Yearly.

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    Answered on Oct 14 2014, Report content

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