Should I buy Leasehold house?
I’m currently looking to buy a second property together with my partner and there seem to be an awful lot of Leasehold properties (houses) around North Manchester/Rochdale/Oldham. From the reasearch I’ve done so far, there should be no reason why a house should be Leasehold rather than Freehold but I’ve been told by multiple sources this is quite common in this area. I’m already ruling out new build properties but I’m still reluctant about putting an offer in on an older house. Whilst there is normally very long lease and minimal ground rent charges, I’m still concerned about clauses involving doubling ground rent charges every so many years, having to pay legal costs for both parties, or having to pay for the landlord to give their consent if I want to make any significant work to the property. I’m also thinking about buying a freehold from the landlord but I believe that cost can vary significantly. Could someone provide me with a guidance/clarity in this subject matter?
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