Real Legal are experts in leasehold conveyancing. It is common in the North West to buy a property on leasehold. Extra checks about the terms of the lease will be undertaken.
What is The Difference Between Freehold and Leasehold?
The main difference between freehold and leasehold property is ownership. A freehold property is a property you own outright, including the land. A leasehold property is a property that you own for a set amount of time, but not the land. You will usually pay a yearly ground rent or service charge.
Sometimes, people are scared about buying leasehold property. However, there’s usually very little practical difference between living in freehold or leasehold property. You still live there and own the property (albeit for a set amount of time). There may be some restrictions on development, though.
The Conveyancer will thoroughly review the lease terms. They will check things like how much ground rent is, development rights and who is responsible for maintenance.
What is Leasehold Conveyancing
Leasehold conveyancing transfers legal ownership of the property from the seller (the current leaseholder) to the buyer. It involves all the typical conveyancing tasks, plus extra checks about the lease.
Your conveyancer will review the terms of the lease to ensure your rights are protected. This includes the tenure of the lease and any charges. Leasehold houses are commonly subject to ground rent, whilst leasehold flats may have to pay a service charge. There may be some negotiation over these terms before the exchange of contracts.
At Real Legal, we’re experts in leasehold conveyancing. Lots of homes across the North West are leasehold. That means we’re accustomed to the additional work required for a leasehold property. We can complete leasehold conveyancing quicker and more efficiently than other firms.
What is the Leasehold Conveyancing Process?
1. Get leasehold conveyancing quotes
Always ask for a leasehold conveyancing quote upfront. At Real Legal, we offer competitive prices for our services. Request a quote today.
2. Instruct a solicitor
The process begins when you instruct us to handle the transaction. We will review the lease, draft and exchange contracts, whilst making sure that all legal requirements are adhered to.
3. Leasehold Information Pack
The seller’s solicitor often has to provide the Leasehold Information Pack (LPE1). This includes all the important information about the lease, like ground rent, service charges, who is responsible for the land and more.
4. Enquiries and negotiation
The buyer’s conveyancer may raise issues with the lease and attempt to negotiate different terms. Whether you are a buyer or seller, we will always protect your legal rights and interests at Real Legal.
5. Exchange of contracts
Once all issues are settled to satisfaction, the buyer and seller will exchange contracts. A completion date is set.
6. Completion and registration
On the completion date, the buyer’s conveyancer will transfer the funds. Then, the title deeds will be registered with the Land Registry. The buyer becomes the official leaseholder.
Is Leasehold Conveyancing More Expensive?
Leasehold conveyancing is generally more expensive than normal conveyancing. This is due to the extra legal work involved. This is time-consuming and requires an advanced understanding of property law, hence why it costs more.
However, even though it may cost slightly more, it is still worth doing. Leasehold conveyancing ensures that all legal requirements are met and protects your rights. It can prevent costly disputes in the future.
One of the most important parts of leasehold conveyancing is to investigate the tenure of the lease. Most leases are between 90 and 999 years. However, some leases fall under that amount. This can lead to future complications and problems getting a mortgage.
At Real Legal, we can advise how to request a lease extension or buy the freehold from the landlord. We will review the lease before advising you. If the lease is 999 years, you probably won’t need to.
Why Choose Us?
Real Legal are experts in leasehold conveyancing. We understand the intricacies of leasehold legislation so we can protect your interests. This experience is invaluable when it comes to completing leasehold conveyancing quickly and efficiently.
When you choose Real Legal, a dedicated conveyancer will oversee your case. We will communicate with you regularly, where necessary, so you know exactly what we need. This ensures a seamless, stress-free process. Once we have all the necessary documentation, we will review the terms of the lease and advise you accordingly.
We understand that buying or selling a property can be extremely stressful. That is why we pride ourselves on our excellent customer service. We’ll be in touch throughout the process to provide updates. Plus, you can always email or call us if you have any questions. Or, if you’re local, why not pop in for a chat? Simply call or email to arrange an appointment.
Registered with the CQS
Real Legal are regulated by the Solicitors Regulation Authority. We’re also registered members of the Conveyancing Quality Scheme. This scheme requires renewal every year, ensuring we’re up to date with training and all the latest industry changes.
Get a Free Leasehold Conveyancing Quote
Have you been unimpressed by leasehold conveyancing quotes so far? Real Legal offer competitive prices for our services. We charge a fair fee for the work done. Fill in our quote form to get an estimated price.
For more information on what is involved in buying a property, read our buyer’s guide to conveyancing.
To get an instant online quote for either a Purchase Only or Purchase & Sale, visit our online conveyancing cost calculator.