It's worth clarifying whether you're buying a leasehold or freehold property before you sign anything, as there are big financial ramifications. With a freehold, you own the property and the land it sits on outright, once the mortgage is paid off, of course. With a leasehold, you don't have ownership of the land but instead are paying to lease the property for a set period of time – say 100 years.

In some cases, leasehold property owners are required to seek permission from the freeholder to make alternations to the home and you may also be subject to ground rent and other service charges.

It's also worth noting that leases can be very expensive to renew and if your lease falls below 80 years, the cost of extending it will increase dramatically. This can mean you're left with a big bill you can't pay or will struggle to sell the property.

Expensive mistakes people make when buying a home