Homeowners 'lack knowledge' of property jargon by Finance News Bulletin

Published: 05/09/07

Many people looking to invest in bricks and gun for the first time lack a knowledge of basic but basic terms connecting to the housing industryResearch carried out by AA Legal armed forces indicates that two-fifths of first-time buyers do not know the difference between a leasehold and freehold propertyabout a fifth of customers do not know what a freehold mortgage is, while almost half are uncertain about what a leasehold mortgage isKnowledge among youthful homebuyers between the ages of 18-24 is the worst across the age group, with less than two-thirds meaningful what the term freehold and leasehold meant

With mortgage lending having greater than before by almost a fifth in the last year, the group has launched a new campaign to endorse greater information levels about the housing process among customersJames Molloy, head of AA Legal armed forces, said: "Our research suggests that many homebuyers are so desperate to get onto the property ladder that they may be over-looking vitally important basic lawful principals"He said that AA Legal Services required to help the community "understand legal issues in plain English, so that they can make knowledgeable home buying decisions and feel in control

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