Comments (0) It is cheaper than the average price of a new car (£27,219) and half the price of the average mortgage deposit (£30,000). And fo
It is cheaper than the average price of a new car (£27,219) and half the price of the average mortgage deposit (£30,000).
And for just £14,995 this two-bed flat in Greatstone could be yours.
It’s the lowest-priced home in the county – if you exclude caravans and mobile homes – and it is in a popular coastal holiday location.
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8 La Galamina (which sounds a bit like somewhere in Spain) is actually a stones throw away from the sea in Romney Sands Holiday Park.
Estate agents, Shaw Rabson & Co, describe the property as a ‘semi-detached, first floor flatlet situated on the Romney Sands Holiday Park.’
They said: “The property offers uPVC double glazing and is in good condition. It also has the benefit of sea views.”
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So what’s the catch?
Well, you’re actually only buying the leasehold., which means you are agreeing to use the home for a number of years from the freeholder (aka landlord), but you don’t actually only it outright.
The lease it probably long term – often 90 years or 120 years, but it could be as a high as 999 years.
So as a leasesholder, rather than a freeholder, you’ll also have to maintenance fees, service charges, your share of the building insurance and probably even annual ground rent to the freeholder.
You’ll need to get permission from the freeholder to do any major work and they might not let you have pets or sublet.
Simply, it is a long tenancy, with more rights and the use of the flat for a long period – i.e. the term of the lease.
So what’s the difference?
Freehold means that you own the land and the building that sits on it. Leasehold means that you own the right to occupy the property for a given number of years through owning the lease, a contract.
The lease will set out the detailed terms on which you are entitled to occupy the property, including your rights and responsibilities as a leaseholder.
Currently around three million people in the UK – many first-time buyers – own leasehold flats, and this is set to rise as most new-build flats are sold leasehold.
Most flats are leasehold. Houses can be leasehold too and usually are if they’re bought through a shared ownership scheme.
Ownership of the property returns to the landlord when the lease comes to an end.