1. Why leasehold is different
When you own a leasehold flat, you own the right to live there for a set number of years, not the land. The terms of that lease strongly affect how easy the flat is to sell and what it is worth.
2. The lease
Buyers and lenders look closely at how many years remain on the lease. Shorter leases are harder to sell and can cost money to extend.
Your solicitor can obtain the lease and explain its terms.
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Free Cash Offer3. Ground rent and service charge
Ground rent and service charges are ongoing costs that a buyer will want to see. Large or rising charges can put buyers off. Ask the managing agent for up-to-date figures.
4. Building safety paperwork
Some lenders ask for an external wall assessment, known as an EWS1 form, for certain buildings. If your building has no form, or a problem has been identified, mortgage buyers may be harder to find. Read more on our cladding and EWS1 page.
This guide is general information, not legal or financial advice. Please speak to an independent solicitor or adviser about your own circumstances.