Mis-Sold Lease Hold Agreement???

InterestedParty2018

A lease agreement is indeed a long document which can be very difficult to follow with all the legal jargon. However, all the clauses are there for a reason, and anyone investing huge sums of money buying their leasehold interest should read the document in its entirety to fully understand their obligations for the duration of the term.

If you dont understand a particular clause, ask your solicitors for a layman's explanation.

A clause that is pertinent to one owner (e.g. a covenant regarding pets) may be irrelevant to some purchasers, but exceptionally pertinent to another. Paying service charges annually in advance my be a financial burden too far for some, but not for others. So read all of it.

Furthermore, calculating your genuine loss versus the cost & hassle of taking the matter further, and the road to recovering compensation (if due) may be disproportionate.

sal_III

Smi1er wrote: »

It's always someone else fault isn't it.

I bought leasehold flat a few years back. Yes, I didn't fully understand all the legal jargon in the lease but I ensured I read it. Especially the section on ground rent. Then I re-read it.

Same here, In my case the paperwork was about 400 pages. Took me a while to read it all, but I did and then asked my wife to do the same. Then reread the parts where money are concerned.

In my mind I was paying the solicitor to facilitate the deal and communications with the vendor solicitor, and at best highlight some glaring issues. Not to think instead of me what is right and wrong.

In this specific case I wouldn't bother to seek compensation for something that costs me £75/year extra.

What is the wording in the Lease? I doubt it states every 2-3 years, these things are usually very specific. Is the increase linked to something like RPI? If it's a free reign for the Freeholder to pick a number I can see how this might affect the sell-ability of the property and lower it's price.