compare cheap conveyancing quotes for chester le street property

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Your Quote Type: Sale | Purchase | Sale & Purchase | Remortgage | Transfer of Equity

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What does Leasehold mean?

Leasehold means that somebody else has title to the land and that you will therefore have to pay a ground rent and possibly also a service charge to the freeholder (owner of the freehold title). It is normally possible to buy the freehold title at a later date as a separate purchase transaction.

It therefore follows that the valuation of two identical properties, one being leasehold and the other freehold, would result in a lower value being applied to the leasehold property.

It is important to check the length of time remaining on the lease (Commonly the leases would have been originally issued with a 99 year life span). If not much time is remaining on the lease it may be difficult to obtain a mortgage, unless the freehold can also be purchased subsequently.

What does Commonhold mean?

Commonhold is the term given to the circumstance where you can buy the freehold and own common parts of the building jointly with other persons. This mostly applies to flat occupation/ownership.

No ground rent or service charge would be payable payable but it’s likely that you would have to contribute towards general maintenance and insurance for the common parts of the building. (Stairwell lighting, lift maintenance, gardening etc).

chester le street solicitors Important: Not all of these solicitors provide conveyancing services. We advise that you request instant quotations from our panel using the form at the top of this page. Richmond Anderson Goudie 1 - 2 Flake Cottages, Cone Terrace, Chester le Street, County Durham, DH3 3QH Swinburne Jackson & Co Cestria House, High Chare, Chester le Street, County Durham, DH3 3PY Gordon Brown Associates 51 Front Street, Chester le Street, County Durham, DH3 3BH Graham Patterson 50a Durham Road, Birtley, Chester le Street, County Durham, DH3 2QH Giles Hunter Partnership Victoria House, 4 High Chare, Chester le Street, County Durham, DH3 3PX Nigel J Humes & Co Jubilee Cottages, 3-5 High Chare, Chester le Street, County Durham, DH3 3PX John Bayles & Co 26 Durham Road, Birtley, Chester le Street, County Durham, DH3 2QG Accident Legal Group Ltd 36-37 Stella Gill Industrial Estate, Pelton Fell, Chester le Street, County Durham, DH2 2RQ