In the UK property market, lease plans are crucial documents that outline the boundaries and specifications of a leased property. They are essential for various reasons, including:
- Securing a mortgage: Lenders require compliant lease plans to assess the property’s value and ensure it meets their lending criteria.
- Legal clarity: Clear and accurate lease plans prevent disputes over property boundaries and ownership.
- Insurance purposes: Insurers need precise lease plans to understand the property’s layout and assess risks.
- Land Registry registration: A compliant lease plan is vital for registering the leasehold property with the Land Registry, providing official recognition of ownership.