The dangers of buying a leasehold house

When you’re searching for a new home, you pretty much always know how much you’ll have to spend on it because the first thing you’ll be looking at is the asking price. But thousands of people across England and Wales have fallen foul of something that’s being called ‘the leasehold trap’ and have discovered that buying the freehold on their home could run into many thousands of pounds. As has been widely reported one such person was Katie Kendrick who bought a new home in Ellesmere Port, Cheshire, for £214,000 in 2014. She was well aware that the house was leasehold which meant that she owned it for 150 years (the length of the lease agreement). But she says that she was told by the agent selling it that she would be able to buy the freehold within a couple of years for somewhere between £2,000 and £4,000. However, just 18 months later she received a letter from the house builder saying that it had sold the freehold to an investment fund which was now willing to sell it
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