If you ever encounter a problem with your home, particularly if that issue is something structural, the common response is to try and fix it – or, in the alternative, by hiring someone who can.
But, when your home is leasehold rather than freehold (meaning you only lease the right to occupy the property, rather than owning the land it sits on), things can become more complicated, because often those repairs need to be arranged via a Management Company.
Management Companies can be notoriously difficult to get hold of, deal with, and obtain a response from. Worse, getting money out of them can be exhausting to say the least, even though, when it’s the other way around, they often charge extortionate management fees and service charges on behalf of freeholders, then give very little flexibility for payment.
While the Government seems to agree that the leasehold system is imbalanced and unfair, and they plan to address this with the Leasehold and Freehold (Reform) Bill which was being debated in Parliament last week, many critics say the reforms do not go far enough to repair a system which has been, rather ironically, broken for a long time.
In response, the Government has claimed that the complexities of the legal system in England and Wales mean that overhauling – or even abolishing completely – the leasehold system is almost impossible, but when Scotland managed to do precisely that twenty years ago, and we’re now the only legal system in the world where leasehold properties remain common, that argument doesn’t really hold up.
With young first-time buyers comprising most leasehold purchases, many have fallen victim to freeholders and management companies capitalising on their naivety.
It is therefore crucial to obtain proper legal advice from qualified professionals when considering a leasehold purchase. Our team of solicitors and licensed conveyancers are on hand to answer any queries and guide you through the process.
To request a quote, or to discuss your individual circumstances, our specialists can be contacted on 01625 850888 or via email to info@mannerspimblett.co.uk.
