Typically the owners of leasehold properties, such as a flat, will pay service charge and or ground rent to their landlord or management company. These payments tend to be made in advance and often cover a period of 6 months or more. When a leasehold owner sells a property they will more than likely have paid the service charge and ground rent for a period beyond the completion date.
The service charge and ground rent which is attributable to the period after completion is considered the buyer’s responsibility as it relates to their period of ownership. As such apportionments will be calculated by the seller’s conveyancer, so that the buyer and therefore the new owner of the property pays the seller for the part of the costs which cover the period after completion.
If you would like to discuss a leasehold sale or purchase please do not hesitate to contact us at info@fairstep.co.uk or on 01394 277941, alternatively fill out our contact form, and we would be happy to discuss your requirements in further detail.
Get a free online quote today.