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Buying a new build house with leasehold

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  • Buying a new build house with leasehold

    My boyfriend and I have just paid a deposit to reserve a plot on a new development for a 4 bed townhouse. We were not aware the property was leasehold until the last minute.

    My question is, shouldn't the property be a bit cheaper as you only own the house and not the land? and also what are the implications of owning a house with leasehold as I know virtually nothing about it apart from the leaseholder maintains the area and we have to pay ground rent.

    The lease is for 999 years.

    Any advice/opinions appreciated.


  • #2
    Theroetically i tshould be a bit cheaper because of the liability to pay ground rent, but in practice this deosn't happen. Having said that most new builds are over prioced so I would certainly use th fact that it is leasehold (and therefore going to be an off put to buyers) as a reason for negotiating the price down.

    Also 4 bed townhouses are going to be overprivced anyway. Who wants one? I assume townhouse means 3 storeys. Most people who want 4 beds have 2 or more children and particularly when they are young they won't want all the trapsing up and down stairs etc, so I think you will find there will be a more limited market for this kind of thing in the fuiture.
    RICHARD WEBSTERwww.rwco.co.uk
    As a conveyancing solicitor I want to be helpful (England/Wales only) but can't accept liability for this.