Know What You’re Selling/Buying.
Buying a leasehold property is different from buying a freehold property.
You are purchasing the right to occupy and use the property for the remaining term of a lease, subject to the rights, responsibilities, restrictions, charges and obligations contained within that lease.
That can affect:
- what the property costs you to own
- what you can do with it
- who is responsible for maintaining different parts of the building
- whether you can let the property
- whether you can keep pets
- whether alterations require permission
- your contribution towards repairs and major works
- your ability to obtain a mortgage
- the property’s future saleability
The BTPA Blueprint™ is designed to bring this information forward.
Instead of waiting until conveyancing is well underway to discover important leasehold information, BTPA encourages sellers to gather it before the property is marketed and buyers to understand it before committing to the purchase.
This questionnaire does not replace the lease, LPE1, management pack, conveyancing process or independent legal advice. Information supplied by a seller should be checked against the relevant legal and management documentation by the buyer’s conveyancer.