When it comes to buying or selling a leasehold property, it’s important to have the right legal assistance. This is where leasehold solicitors come in. The role of leasehold solicitors in leasehold conveyancing is essential for a smooth and successful transaction.
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What is a Leasehold Property?
A leasehold property is a type of property ownership where the buyer owns the property for a fixed period of time, typically between 99 or 999 years. After the lease expires, ownership of the property reverts back to the freeholder.
In contrast, freehold properties are owned outright by the buyer and do not have a time limit on ownership. Leasehold properties are commonly found in apartment buildings, townhouses, and some houses in the UK.
The Importance of an Experienced Leasehold Solicitor
Buying or selling a leasehold property can be a complex process and it’s important to have the right legal assistance. This is where leasehold solicitors come in.
Leasehold solicitors are legal professionals who specialise in leasehold properties and have the expertise and experience to guide buyers and sellers through the conveyancing process. It’s important to instruct a leasehold solicitor as the conveyancing process is slightly different with leasehold properties due to additional legal considerations.
What Your Leasehold Solicitor will check and advice on during the leasehold conveyancing process.
Lease Terms
Your leasehold solicitor will review the terms of the lease agreement, including the lease length, ground rent, service charges, and any restrictions or obligations imposed on the leaseholder.
Leasehold Management
Your leasehold solicitor will ensure you understand the management structure of the leasehold property, including the responsibilities of the freeholder, managing agent, and leaseholders. This includes reviewing the accounts and financial health of the management company.
Leasehold Extensions
Your leasehold solicitor will consider the possibility of extending the lease term if necessary, as shorter leases can impact the property’s value and marketability.
Ground Rent and Service Charges
Your leasehold solicitor will ensure you understand the obligations and costs associated with ground rent and service charges, including any upcoming increases or outstanding arrears.
Legal Title
Your leasehold solicitor will conduct a thorough investigation of the property’s legal title, including any restrictions, rights of way, or other encumbrances that may affect the leasehold property.
Mortgage Lender Requirements
Your leasehold solicitor will check with your mortgage lender to ensure they are willing to lend on leasehold properties and if there are any specific requirements or restrictions.
Building and Insurance
Your leasehold solicitor, with the help of a surveyor, will assess the condition of the building and the availability of appropriate insurance coverage, including buildings insurance and any additional cover required for leasehold properties.
Resale and Subletting
Your leasehold solicitor will consider any restrictions or requirements related to selling or subletting the leasehold property, such as obtaining consent from the freeholder or complying with leasehold covenants.
It is important to note that this list is not exhaustive, and it is recommended to consult with a leasehold solicitor for personalised advice based on your specific circumstances.
GET IN TOUCH
We are based in the centre of St Albans City and our leasehold solicitors provide leasehold advice across the UK. Our team can help you with your property transaction with a level of client care not offered by many conveyancing firms. Over the last 50 years we have built an enviable reputation – but don’t just take our word for it, take a look at what our clients say about us in our testimonials.
Please get in touch for a fixed fee conveyancing quote via the contact form or call us on 01727 869 293. (If you telephone us your call will be answered by a real person no recorded voice saying press this and that number).
