Tenure
Knowing the tenure of the property is important because it affects your rights to use the property and the costs of ownership.
Freehold means you’ll own the property and the land it's built on. You'll usually be responsible for the maintenance of the property and have more freedom to alter it.
For flats and maisonettes, the freehold is sometimes shared with other properties in the same building. This is known as a share of freehold.
Leasehold means you'll have the right to live in the home for a set amount of years (specified in the lease). The landlord (the freeholder) owns the land, and if the lease runs out, ownership of the property will go back to them. Lease lengths that are less than 80 years tend to be more complicated and can cause issues with mortgage lenders.
You can extend a lease but this can be expensive. If you'd like to make changes to the property, you'll likely need the landlord’s permission. You're also likely to have to pay an annual amount for ground rent and services charges which can be subject to change. It is good practice to check additional leasehold costs that will apply to the property and factor this into your budget considerations.
Shared ownership is a form of leasehold in which you buy a percentage of the property and pay rent on the share you do not own. You may be able to buy the remaining share at an extra cost. When you wish to sell the property, you may need permission to do so.
Commonhold is a type of freehold ownership for a property that's within a development. A commonhold or residents’ association owns and manages the common parts of the property (like stairs and hallways). You'll need to join the commonhold association and contribute towards maintaining the development. It is good practice to check additional costs that will apply to the property and factor this into your budget considerations.
- Allocated parking
Key features
- Secure Car Parking
- Bike Storage
- 5-minute walk to Piccadilly station
- 24 Hour Concierge
- High Specification
- Phenomenal Views
- Manchester City Centre
Property description
This brand-new development is located just a short 5-minute walk to its nearest Metrolink station and Manchester Piccadilly's offering of nationwide travel. The location of this development is more than ideal for its residents due to the short distance to the city's delicious eateries, convenient retail outlets, and state-of-the-art transportation. Located just a stone's throw from Manchester Piccadilly, Central Retail District, and Northern Quarter. This development offers tranquil living in a city centre postcode.
PROPERTY HIGHLIGHTS
* Secure Car Parking
* Bike Storage
* Gymnasium
* 24 Hour Concierge
* High Specification
* Award Winning Developer
* Phenomenal Views
* City Centre Postcode
MANCHESTER INSIGHTS
* Manchester recently placed first for "The best place for Buy-to-let investments in England and Wales"
* House prices in the North West region have been predicted to increase by a huge 28.8% by 2025 offering investors with high rental yields and strong capital appreciation.
* On average, rents in Manchester, Salford, and Trafford have increased by 20% over the last year, according to research by Urbanbubble.
* Manchester is home to FIVE major universities, presenting a retention rate of over 70%. Thus, highlighting the rental demand ever present throughout the city.
VIEWINGS ARE AVAILABLE UPON REQUEST.
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