{"id":400,"date":"2011-02-15T22:00:29","date_gmt":"2011-02-15T22:00:29","guid":{"rendered":"http:\/\/www.propertyportfoliosoftware.co.uk\/blog\/five-costly-mistakes-of-leasehold-buying.html"},"modified":"2011-02-15T22:00:29","modified_gmt":"2011-02-15T22:00:29","slug":"five-costly-mistakes-of-leasehold-buying","status":"publish","type":"post","link":"https:\/\/www.propertyportfoliosoftware.co.uk\/blog\/five-costly-mistakes-of-leasehold-buying.html","title":{"rendered":"Five Costly Mistakes of Leasehold Buying"},"content":{"rendered":"<p style=\"text-align: left\">Buying into a lease can be very tricky, especially if you are not a real estate professional. Even professionals make some mistakes when buying leasehold properties for their clients. After taking a look at this issue, it becomes obvious that most people just buy \u2018available\u2019 properties without due consultations or asking the right questions. Let\u2019s take a look at some of these mistakes and how to avoid them.<\/p>\n<p style=\"text-align: left\">1.<span class=\"Apple-tab-span\" style=\"white-space: pre\">\t<\/span>Buying a leased property with a short lease lifespan.<\/p>\n<ul>\n<li style=\"text-align: left\">This is perhaps the most common of the mistakes. Any leased property with less than 60 years left is not a good buy except you are able to secure a lease extension. Mortgage companies in the U.K generally resent such deals but if you insist, you are sure to get a more expensive lease extension. This in turn would shoot up your own rental fee and therefore make the whole deal unattractive.<\/li>\n<\/ul>\n<p style=\"text-align: left\">2.<span class=\"Apple-tab-span\" style=\"white-space: pre\">\t<\/span>Not taking note of additional charges.<\/p>\n<ul>\n<li style=\"text-align: left\">Most times, the euphoria of sealing the deal as it is makes most people forget to inquire if there are any other hidden charges \u00a0&#8211; popularly called \u2018disbursements\u2019, (there are in almost all cases). Make sure to ask for these before signing on the dotted line\u2026 not even the court can save you here.<\/li>\n<\/ul>\n<p style=\"text-align: left\">3.<span class=\"Apple-tab-span\" style=\"white-space: pre\">\t<\/span>Buying without surveying.<\/p>\n<ul>\n<li style=\"text-align: left\">Most property buyers are \u2018penny-wise, pounds-foolish\u2019. It is a very common mistake to not check the property thoroughly before buying. That small fee you will pay a surveyor to take a good look at the property could save you thousands of pounds at the long run.<\/li>\n<\/ul>\n<p style=\"text-align: left\">4.<span class=\"Apple-tab-span\" style=\"white-space: pre\">\t<\/span>Inadequate termination clauses.<\/p>\n<ul>\n<li style=\"text-align: left\">If you don\u2019t make sure of it, the termination clause can come back to haunt you. Most managing agents require three months&#8217; termination notice, and many also charge a termination fee equivalent to three months&#8217; agent fees. In the worst cases, agents insist upon as much as twelve months&#8217; notice.<\/li>\n<\/ul>\n<p style=\"text-align: left\">5.<span class=\"Apple-tab-span\" style=\"white-space: pre\">\t<\/span>Who pays for the upkeep of the building?<\/p>\n<ul>\n<li style=\"text-align: left\">Leaseholders generally pay service charges for the building\u2019s upkeep; on the other hand, freeholders contract their own workmen to take care of the building. You must be very sure of where your contract places you so you don\u2019t fall a victim of excess charges.<\/li>\n<\/ul>\n<p style=\"text-align: left\">My advice: hire the services of a property consultant that has experience in this stuff; it would cost you a little, but at the end you would have saved yourself from all kinds of legal disputes.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Buying into a lease can be very tricky, especially if you are not a real estate professional. Even professionals make some mistakes when buying leasehold properties for their clients. After taking a look at this issue, it becomes obvious that &hellip; <a href=\"https:\/\/www.propertyportfoliosoftware.co.uk\/blog\/five-costly-mistakes-of-leasehold-buying.html\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-400","post","type-post","status-publish","format-standard","hentry","category-property_management"],"_links":{"self":[{"href":"https:\/\/www.propertyportfoliosoftware.co.uk\/blog\/wp-json\/wp\/v2\/posts\/400","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.propertyportfoliosoftware.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.propertyportfoliosoftware.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.propertyportfoliosoftware.co.uk\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.propertyportfoliosoftware.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=400"}],"version-history":[{"count":0,"href":"https:\/\/www.propertyportfoliosoftware.co.uk\/blog\/wp-json\/wp\/v2\/posts\/400\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.propertyportfoliosoftware.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=400"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.propertyportfoliosoftware.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=400"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.propertyportfoliosoftware.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=400"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}