The press has been full of stories in the last month about the resale of Leasehold properties on relatively new estates.
This reports have also covered the value of the freehold if the leasehold owner wishes to buy the freehold.
The reports featured in the Guardian newspaper highlighted the plight of a couple who bought a flat in Dudley from Taylor Wimpey in 2010, with clauses relating to the annual ground rent that are now causing resales to fall through six years after they properties were first occupied.
In the 125-year lease the £250 ground rent on the two-bed Dudley flat doubles every 10 years.
The potential buyers have withdrawn due to what they feel is an excessive ground rent obligation. Also this clause has a effected the mortgage valuation, increasing that difficulty of finding a mortgage.
To complicate the matter further Taylor Wimpey sold the freehold interest to a 3rd party company in 2012.
You can read the full story from the Guardian Here
Our advice is to get the best residential conveyancing advice relating to any leasehold property purchase.
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