Why Leasehold is dying a slow and painful death

The Property Nomads Podcast

Rob delves into the topic of leasehold properties and whether leasehold is a dying concept in the real estate market. He talks about the issues surrounding leasehold properties, such as escalating service charges, ground rent fees, and unscrupulous developer practices, emphasising the importance of thorough research and due diligence when considering purchasing a leasehold property, and highlighting the potential pitfalls and risks involved.

KEY TAKEAWAYS

• Understanding the differences between leasehold and freehold properties is crucial when considering purchasing a property.
• Buyers must conduct thorough research and due diligence before purchasing a leasehold property to avoid potential issues with service charges, ground rent fees, and lease lengths.
• The trust between buyers and developers in the leasehold market is diminishing due to issues such as high service charges, ground rent fees, and poor construction practices.
• Social media plays a significant role in highlighting issues within the leasehold market, potentially leading to a decline in trust and interest in leasehold properties.
• Having a reliable team of professionals, including a good solicitor and mortgage broker, is essential when navigating the complexities of purchasing a leasehold property to avoid getting trapped in unfavourable situations.

BEST MOMENTS

"Leasehold, I think, is slowly dying a death. Not just because there's government reforms and things like that, it's because the trust is starting to go between people that are buying and developers and everything to do with leasehold."

"From a buyer point of view, you've always got to be careful and aware of what you're buying, why you're buying it, and what all of these caveats are."

"From a developer's point of view, stop taking the piss and stop milking it, because not only are you going to give yourself a bad reputation, you're then going to affect everyone else in the market."

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