What might a leaseholder need research on before purchasing a leasehold property?

A leaseholder should prioritize researching the terms and conditions of the lease agreement before purchasing a leasehold property because these details fundamentally govern the rights and obligations associated with the property. The lease agreement outlines key aspects such as the length of the lease, ground rent responsibilities, maintenance obligations, and any restrictions on the use of the property. Understanding these elements is crucial because they can significantly impact the leaseholder's experience and financial responsibilities over the course of their ownership.

For instance, if the lease has a short remaining term, it might affect the resale value of the property or make it harder to obtain financing. Additionally, certain terms may limit what renovations or modifications the leaseholder can make, which is vital information for anyone planning to personalize their space. Therefore, a thorough understanding of the lease's terms and conditions is essential for making an informed purchase decision in a leasehold situation.