Leasehold solicitors can assist with leasehold property matters whether you’re buying or selling a leasehold property or simply looking for assistance with specific legal matters relating to the property.
Leasehold is a specific type of property ownership that has its own unique legal rights and many properties in the UK are sold on a leasehold basis.
Leasehold enfranchisement solicitors are experts in this specific area of property law and can assist with any leasehold issues you have.
Seeking legal advice when it comes to leasehold agreements is a wise decision given the complex nature of the legalities and you must understand your legal responsibilities.
Leasehold Solicitor For A Sale Or Purchase Of Property
If you’re buying or selling a leasehold property, there are some key considerations you need to make.
In its simplest terms, if you own the freehold of your property, it means you own the building AND the land. But if your property is leasehold, it means you own the property but NOT the building or land and you must pay ground rent to the freeholder.
A lease is essentially a contract between the leasehold and the freehold which sets out certain requirements in the relationship – it might mean that certain alterations can’t happen to the property without the leaseholder’s consent, for example.
There are more leasehold properties than ever in the UK after a significant number of new build properties sold directly through the property developer were sold as leasehold properties.
The government set out plans to change the rules on leasehold properties in 2017 to ban this practice, but it’s yet to be enshrined in law, meaning that new leasehold properties are still being sold today.
Leases can vary from property to property and specific covenants might exist that you need to be aware of when dealing with a property transaction, as well as who is responsible for any maintenance costs. Ground rent is either paid at a fixed rate or an escalating rate, which means that fees can increase after a fixed period (e.g., 5 or 10 years).
Maintenance and service charges are usually in place to pay for the upkeep and maintenance of shared areas such as gardens or elevators, hallways, and building insurance – this is common in apartment blocks.
What Is Leasehold Enfranchisement
Leasehold enfranchisement is the process where you either extend your lease or purchase a share of the freehold (this is known as ‘collective enfranchisement’).
Because with leasehold properties you only own the property for a set period as agreed in the lease (this might be 100 years, 1000 years, or a similarly long period of time), purchasing or extending the leasehold might be necessary at some point.
If you’re selling a leasehold property, you should be aware that the shorter the amount of time remaining on the the lease, the less value the property has.
Often solicitors will advise you to consider extending or purchasing the lease when it has around 85-90 years remaining as when the lease falls below 80 years, it can cost a lot more to purchase due to the calculations made on lease extensions.
How Do You Find The Best Leasehold Enfranchisement Solicitor
At Solicitors Near Me, we’re here to help you find the best leasehold enfranchisement solicitor for your needs.
We understand that in this complex and confusing area of law, having an expert solicitor that you can rely on is vital to ensuring you achieve the outcome you’re looking for.
Whether you’re buying or selling a property or looking to extend your lease, knowing what your options are and the best route forwards is essential.
We connect you with expert leasehold enfranchisement solicitors near where you live for free so that you can decide whether they’re the right fit for you and whether you want to proceed with them for your requirements.
Leasehold Enfranchisement Solicitor Costs
The cost of a leasehold enfranchisement solicitor can vary depending on the services you require and how complex the leasehold is. The unfortunate reality of the situation is that it’s unclear what the definite cost will be until the project is underway and all of the facts are discovered.
The good news is that solicitors can often agree on an informal cost estimate to give you some certainty in your leasehold enfranchisement case – costs can begin at £500 but run into the thousands depending on your circumstances, how many people are involved in the case, and what you’re hoping to achieve.