Present property law in England and Wales effectively requires that flats be leasehold, although some leasehold flats are now sold with a share of the freehold, through participation in a residents’ management company.
All leases contain restrictions or a list of do’s and don’ts which are designed to protect the overall value of the property and to ensure in the case of a communal building that all the residents can use the facilities available and live together in relative harmony.
Your solicitors should set out all of these for you in detail as all leases are unique, but some common restrictions you may encounter include:
• Restrictions on you making structural changes to the building
• Restrictions on keeping pets
• Obligations to keep your property in good repair
• Obligations not to obstruct or damage shared corridors and internal spaces
• Restrictions on noise at certain times of day
You need to ensure you thoroughly read all the lease terms and, especially if you are buying a property with an older lease that may be in less modern language, that your solicitors fully explain all these to you in terms that you can fully understand.
The above article is for guidance only and does not constitute legal advice. Relevant law applicable as at date of publication only.