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.
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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.
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.
Please note: Due to the implications of the Building Safety Act 2022. please be advised that we are currently unable to assist with matters relating to residential properties in buildings of more than four storeys or higher than 11 metres. This is due to mortgage lenders not lending against such flat purchases.
We appreciate your understanding and encourage you to review your property specifications thoroughly before enquiring.
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The difference between freehold and leasehold property
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:
- The length of the lease (you can find guidance on lease lengths and associated considerations in this article from Zoopla)
- The value of ‘ground rent’ (the fee paid for the lease) to be paid to the freeholder
- Any additional service charges owed, so there are no hidden surprises down the line
- Responsibilities as a leaseholder for any maintenance or building works
Get an instant quote for your leasehold conveyancing here.
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.
Client Satisfaction
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