The mortgage definition for Lease:
The lease is a document which contains the rights and the covenants (rules) on behalf of both the landlord and the tenant which regulate the use of the property.
Deeds release feeDeeds release fee
When you are selling the house, your solicitor will need to inspect the deeds. You will be charged a fee of between £25 - £45 for this.
Equity releaseEquity release
Equity release or home income schemes allow you to generate either a lump some or a regular income in return for allowing the lender to take ownership of a portion of your home. These are often used by people in later stages of life who have paid of all or most of their mortgage and who are looking to raise funds without borrowing money.
When you buy a leasehold property, essentially you are buying nothing more than the right to occupy a building for a given length of time. You will have to pay ground rent and maintenance in addition to a one-off payment that buys ownership of the lease until sold or it runs out. The amount of alterations you can make to the property varies accordance with the lease and you may well have other conditions imposed upon you by the landlord. As a rule, look to buy a lease with over 50 years remaining.
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