Month: December 2021

What Are The Disadvantages Of Buying Leasehold Property?

The main disadvantages of buying leasehold property include paying service charges and ground rents, which can be very costly and you have no control over. But also, owners of leasehold property are often governed by many restrictive covenants and will need permission to extend or make alterations.

Is It Hard To Sell A Leasehold Property? Timescale to Sell

It is a little harder to sell leasehold property vs freehold property as leasehold properties have annual service charges and ground rents to pay, making them less attractive. Also, the remaining lease term affects its saleability, and if this is under 80 years it will be harder to sell.

Can House Sellers Lie: How To Protect Yourself From Seller Lies

House sellers often lie with the biggest percentage lying about neighbour disputes, which is one of the hardest lies to uncover and protect against. Buying a house when the seller has a dispute with a neighbour doesn’t always mean you shouldn’t buy, but knowing is key so you make the right decision.

Seller Lied On Property Information Form

If a seller lied on their property information form the seller may be liable to pay damages to the buyer for misrepresentation. But it’s important for buyers to beware and to do their own due diligence by carrying out a survey, searches and other checks to make sure the property has no issues.

Lying About No Onward Chain + Seller Lied About Being Chain Free

If your seller lied about being chain free and said there’s no onward chain you can pull-out of the purchase of this property, or continue to completion on the basis you’ve invested time and costs in the conveyancing process. Otherwise you’ll be back to the beginning and costs will have been wasted.

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