Leasehold Solicitors

When purchasing a new home, you want it all to run smoothly, and if you’re buying a leasehold property, having a solicitor who can carefully review the contract and lease is crucial to knowing where you stand.

Properties on the market will either be freehold or leasehold. It is important to know what kind of property you are going to be purchasing, because when buying a leasehold property, you must understand the lease you will be entering into.

If you are already aware of the reasons why you would require the support of an experienced conveyancing solicitor to review relevant documents for you, please go ahead and get an instant quote, or fill in our contact form. One of the team will be in touch at the earliest opportunity.

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If you are here to understand what buying a leasehold property will mean for you in the long run, we have highlighted the key points on this page.

It is paramount that when buying a leasehold property you are fully aware of the terms of the lease and any contractual agreements, as well as who takes ownership for what in terms of upkeep of communal or leased spaces.

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The difference between freehold and leasehold property

Freehold

A ‘freeholder’ owns both the property and the land it stands on, for an unlimited time period.

Leasehold

A ‘leaseholder’ owns the property but not the land it is built on. This land is owned by the ‘freeholder’ – which could be the owner of an apartment block, a property developer or an individual.

Despite owning the property itself, the ‘lease’ of the land it stands on can be a number of years or decades up to 999 years. The number of time left on the lease can be crucial to your decision to go through with things, and to ensure the ownership won’t get passed back to the freeholder at any point.

Leasehold Conveyancing Solicitors

When you instruct our experienced team for your leasehold property conveyancing, in addition to the usual checks, you can ensure they will help to clarify:

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Understanding Lease Lengths

The longer the lease, the better, in most cases. Bear in mind that although you will own the property, you will remain a ‘tenant’ of the land on which it is built. As such, you may have to seek permission from the freeholder to make any changes to the property or extensions onto the surrounding land within the plot.

It is generally advised that properties with a remaining lease of 80 years or less, the lease will need to be extended. If not, contributing factors would make mortgage rates increase and you may struggle to re-mortgage or even sell in the future.

Such terms can often be breezed over in the initial stages of the purchase but it is crucial to find out this information to know where you stand. Future saleability of the house may be affected if the lease is not extended. You could, in some circumstances, purchase the freehold, but you would need specialist advice on this specific to the property you own.

On the plus side, reform to leaseholds is due, although there is no exact date of when this will take place. Consequently, a decision on freehold purchase or lease extension may be better waited on for a while, if possible, until new changes become law.

Related services

Residential Property

Our complete conveyancing services for all kinds of properties, both freehold and leasehold.

Importance of a Property Survey

No matter the kind of property you are purchasing, we strongly advise seeking a professional property survey by an accredited surveyor, so there are no hidden issues.

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