Leasehold. Sparks fear in many.
Key points for us investors to note:
- I’ve recently learnt that you can’t get mortgages on leasehold with ground rents of over £250 per annum or more than 0.1% of the value of the property
- DO NOT EVER use a developers recommended conveyancer to purchase a leasehold property. Just use your own for impartial non-icky advice
- Do make sure, if you’re buying in a highrise building / block that the building already has it’s EWS1 form AND that it’s clear of the Grenfell Style Cladding… mortgage lenders require it
- Make sure the lease doesn’t have a clause that restricts who you sell to. Take that rubbish out if you want to continue to buy.
- Please don’t overpay. Spend money on your own valuation. The developers valuation is not going to be the same as market value.
And there’s more where this came from. This week I welcome Katie Kendrick onto the podcast. Katie is the force behind the National Leasehold Campaign, she sits on the Leasehold Knowledge Partnership as a Board Trustee and is also a practising pediatric Nurse.
We discuss the highs and lows of leasehold and what she’s seeing out in the market right now!
To listen on iTunes click HERE
To Listen on any other platform click HERE
Side note… you will know I do invest in leasehold. You must have your wits about you to do it successfully!
P.S want to find out more about the National Leasehold Campaign, use these links:
Twitter handle : @NLC_2019
P.P.S Want to ask a question on the podcast? You can do that HERE https://ncrealestate.co.uk/podcast-question/