Clutton Cox Solicitors Bristol Explain What You Need To Know About Buying A Flat
Buying a Flat: - What You Need to Know as a Buyer More at http://www.Cluttoncox.co.UK Buying a flat, or an apartment, as Developers like to call them, differs from buying a normal house or freehold property. Leases are used where there is one building or a block with multiple owners. The legal proof of ownership will be by way of a Lease. You will be known as a Leaseholder or Lessee or Tenant (terminology varies as to what was fashionable a the time of the original Lease). Under a Lease you will own the leasehold flat only for the remainder of the period stated. The length of a Lease will vary from 99 to 999 years. You will have difficulty obtaining mortgage finance if the number of years remaining on the Lease is fewer than 60 years. Be Aware! Leases are complicated and often lengthy documents. There will still be a freehold and a freeholder owner; the Landlord, who will either be non resident or better still one of the residents who all form part of a management company specifically formulated to run the management of the whole building or block. There are however, professional management companies who will run the management of the building (often when a Developer is selling). Your responsibilities and obligations will be governed by the terms of the Lease. For more detailed information please watch the video or get a free copy of the Clutton Cox book on conveyancing from the website.