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U.K. Pragma member Bishop & Sewell LLP has featured in news broadcasts about Leaseholds in England and Wales
Properties in the UK are somewhat unique in that in relation to residential flats, these are held on leases.
Other parts of the world that adopt the common law legal system have found other ways of dealing with the co-ownership of shared property structures.
However, leasehold remains a feature of property in England and Wales. PRAGMA members Bishop and Sewell are particular experts in this area.
‘Leasehold’ in this context means a long residential leasehold interest ‘the lease typically of originally 99 or 125 years’ which is generally speaking the only way in which flats or apartments can be owned.
There has recently being a degree of press interest and some controversy concerning the level of ground rent (a regular payment of a normally small sum of money) that is made to the owner of the underlying property interest in the building or development. Mark Chick of member firm Bishop and Sewell recently commented in the press and on ITN. A link to this appears below:-
If you are proposing to purchase UK property interest and/or have clients who are interested in residential property within the UK it is important to be aware of these issues. Bishop and Sewell LLP are leading practitioners in this area and can assist further in this area. Further details and commentary on this issue can be found on our website.
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