If you do not own the land that the property is situated on, you usually are required to pay the freeholder/Landlord who owns the land, ground rent. The exact amount of ground rent payable is specified in the Lease.
In addition, you are required to contribute toward maintenance and upkeep of the building and any common areas. This is known as service charge.
You will also be required to contribute towards building insurance and this may be included within the service charge itself or in addition to.
With a freehold property, ground rent and service charge generally is not payable, except in cases where there are common areas or management companies responsible for maintaining the estate.
Is the conveyancing process different when buying a leasehold property?
Buying a leasehold property can extend the length of time involved due to additional parties being involved and the reliance on waiting for third parties to provide information required. E.g Landlord / management company / managing agent. Therefore, it would be wise to account for additional delay before starting the conveyancing process as typically, as selling or buying a leasehold property takes longer than a freehold property.
How much money do you need to buy a house?
One of the very first things to consider when buying a property is how much money do you need to buy a house. Here is a list of estimated costs that you will need to take into account.
How much money do you need to buy a house – a breakdown of what is needed to pay for
How much money you need to buy a house depends firstly on how much you are buying for. You will need to consider how much you can borrow. A broker will be able to work this out for you depending on your income and outcome.
Next you will need to consider solicitors costs. The standard conveyancing fees for buying a house is a fixed fee. Obtain a quote from reputed conveyancing solicitors in Plymouth which will give you a breakdown of the solicitors fees, it is important to ensure there are no hidden costs. You will also need to pay for a survey that can range from approximately anything between £300-800, ensure you get a quote for this too. Next is conveyancing searches that your mortgage lender requires to be carried out on the property, this can range from £200-£450. How much money do you need to buy a house you also need to consider the deposit, this is usually 10% of the purchase price. You will need to have the difference in funds (from the amount you borrow to the purchase price plus all the additional costs involved). This can be funded by savings, inheritance or a gift.
How much money do you need to buy a house – why can you not give an exact figure
This all depends on the property you are purchasing (if it is a leasehold, freehold etc) as there will be added costs such as management fees if the property is a leasehold.
How much money you need to buy a house also varies from property to property, your conveyancer cannot know everything that may come up in the course of the transaction, therefore a quote can be given to include a standard conveyancing transaction with examples of extra costs, should they arise.
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