First-time buyers are in the dark when it comes to the legal issues surrounding property purchases, AA Le-gal Services warns.
A survey by the firm discovered more than 40% of first-timers did not know the difference between leasehold and freehold properties.
It also found that many young home owners did not understand the most basic property terminology.
AA Legal Services urges first-time buyers not to let their eagerness to get on the housing ladder sidetrack them from getting to know the basic financial and legal issues inherent in buying property.
James Molloy, head of AA Legal Services, says: “Many first-time buyers are so desperate to get on the property ladder that they may overlook vital legalprinciples.
“The legal community hasn’t engaged with the public about these aspects of buying. We intend to put that right by helping the public understand legal issues by using plain English so they can feel in control of the process.”
Jonathan Burridge, managing di-rector at Quantum Mortgage Brokers, says: “Professional brokers will cover all the basic knowledge needed so that first-time buyers can make informed decisions.
“But we encourage clients to spend time with their solicitors, who can discuss matters such as the pros and cons of leasehold properties.”