A leasehold property can relate to a residential or commercial property. It differs from the majority of properties where although there is a need to buy and mortgage the property, it is ‘owned’ by the purchaser only for a fixed certain period as defined in the lease.
The land where the building is built is not owned by the homebuyer and remains under the ownership of the landlord who originally purchased the land, known as the freeholder. When the lease ends, which could be anything from one year to a couple of years to hundreds of years, the property returns to the freeholder.
Because the buyer will only own the leasehold properties for a fixed period, they will need a legal agreement or lease with the landlord (the freeholder). The lease document will explain the number of years the property will be owned and when the owner will return to the landlord.
“When home buyers decide to purchase a leasehold property our experienced team of leasehold solicitors is available to provide the best legal advice. Leasehold is an exclusive type of property ownership that has its sole legal rights and responsibilities. For example, many flats in the UK are sold on a leasehold basis but it can apply to other property types,” said Ray Crudgington, Managing Partner, at Grant Saw Solicitors LLP.
Because leasehold is a specialist area of property law, it is advisable to consult with an experience leasehold solicitor before entering into a leasehold agreement. Because leasehold properties differ, the lease will vary according to the property. The buyer must understand their legal rights before buying a leasehold property. The buyer will need to know details such as how long the lease has left to run, whether they are allowed to make any improvements to the property and will need to understand who would be responsible for all maintenance costs.
A lease is a legal contractual agreement designed to protect residential leaseholders and manages the relationship between the freeholder and neighbours. The leaseholder will need to understand their right to buy the freehold, first refusal, extension of the lease, the right to manage, appoint a manager and dispute service charges.
Grant Saw Solicitors can advise on all the legal aspects of leasehold properties when planning to buy or sell a leasehold property. They can advise on the buyer's and seller's rights, providing help if anyone experiences problems with a current leasehold property.
Grant Saw Solicitors in London were established in 1851 with offices in Greenwich and Blackheath, offering a variety of legal services to individuals and businesses. They received recognition for excellence in industry standards and are proud owners of numerous awards and accreditations including Lexcel, the Conveyancing Quality Scheme (CQS), the Law Society’s family law accreditation and the Wills and Inheritance Quality Scheme (WIQS). In 2013, they received the global ISO 9001 standard, recognising firms that determine excellence. As members of LawNet, a national network of law firms, they provide advice, ideas and resources. With their friendly and modern approach combined with traditional excellence, they provide superior services to their clients. Visit, https://grantsaw.com/.