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Leasehold Conveyancing Quote    No Comments

As a property lawyer there is a tendency to forget that clients do not have the same depth of knowledge as myself so I have taken it upon myself to produce brief guides on the basics.

I deal predominantly with residential and commercial lease and there are many different types of transactions that involve leasehold elements.

Concentrating on residential leases, you can purchase either a leasehold flat or house although leasehold houses are not as common as flats.

Some shared ownership schemes incorporate leasehold elements to allow you to get on the housing ladder with the owner taking a lease over the property with the housing provider retaining the freehold of the property.

Essentially, when you instruct a solicitor for a leasehold transaction this will fall into the following main categories:

1.    Leasehold Sale; or

2.    Leasehold Purchase; or

3.    Shared Ownership scheme purchase.

I have drafted separate blogs detailing the specifics of what is involved in each the 3 options above so please view them on the Fidler & Pepper website. Alternatively contact me directly on 01623 451111 or email on wjames@fidler.co.uk

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Leasehold Conveyancing Quote    No Comments

As a property lawyer I often get asked similar questions so thought it would be a good idea to publish a guide surrounding the most common type of questions.

One common question is what actually is a leasehold property?

The majority of houses that are bought and sold in the UK are either leasehold or freehold properties.

The majority of leasehold properties are flats which may be in purpose-built blocks, converted houses or part of commercial or retail premises.

Leasehold houses are much rarer but are often in a street or development of houses which all come under the same freeholder. In the case of houses, many owners have since bought the freehold

A leasehold is basically a very long tenancy or right to occupy a property for a defined amount of time. You own this right rather than the bricks, morter and land that the property stands on.

Leasehold properties may be owned by either individuals or companies, and sometimes by housing associations or local authorities.

With a leasehold property there is always a freehold title that the leasehold title has been granted from. The freehold title will be owned by the freeholder or landlord. There will be a lease document governing the relationship that the tenant has with the freeholder. Please see other topics in the frequently asked questions for more information on this.

The Freeholder is generally responsible for the maintenance and upkeep of the building.

If you are considering purchasing a leasehold propety and want some further advice or indications of the likely cost associated with this, please drop me a line on 01623451111 or email me at wjames@fidler.co.uk 

 

 

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Leasehold Conveyancing Quote    No Comments

Many of the clients that we get through the Fidler and Pepper door who are purchasing leasehold property are not aware of the additional requirements that they have when they purchase leasehold property. In particular the fact that they have to pay service charge and ground rent and who they have to pay it to.

As a leasehold flat owner, you usually own and are responsible for the maintenance of everything within its four walls, including floor boards and plasterwork, but not usually the external or structural walls.

The landlord, who can be a person, a company, a local authority or a housing association, owns the structure and common parts of the building and the land it stands on and is responsible for its maintenance.

Some landlords carry out the management of the property themselves but many appoint a

managing agent to manage and maintain the building on behalf of the landlord in accordance with the terms of the lease, current relevant legislation and codes of practice

The agent takes instruction from the landlord, not the leaseholders, but should be constantly aware of the leaseholders’ wishes and requirements. The agent will receive a fee which is usually paid by leaseholders as part of the service charges.

If there is a problem with management services, the leaseholder’s argument is not with the agent but with the landlord, who has ultimate responsibility for the full and proper management of the property

If you have any questions in relation to the above or are considering purchasing a leasehold flat and want advice in the conveyancing of this please drop me a line on 10623451111 or email me direct on wjames@fidler.co.uk.

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