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.
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.
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.
If a seller lied about neighbours there’s not much you can do, especially it wasn’t reported to the authorities nor the police. But if you discover the bad behaviour was reported and they lied on the property information form, you may be able to claim damages under the misrepresentations act.
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.
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.