If you’re looking for advice about leaseholds, our property solicitors are here to help. Leasehold is a particular type of property ownership that comes with its own unique legal rights and responsibilities. Many flats in the UK are sold on a leasehold basis but leasehold can apply to other properties too.
Importance of seeking legal advice
Leasehold is a specialist area of property law; it's a good idea to seek legal advice before entering into any leasehold agreements. Leases vary from one property to another depending on property prices or the value of the property, so it's important that you understand all of your legal rights when buying a leasehold property.
Buying a leasehold property can be a good investment, but it's important to look into some aspects of lease properties if you are considering purchasing or selling a property with a lease agreement.
As leasehold property is only owned for a fixed number of years, it is essential to know about the lease terms and whether there are options for a short lease or a long lease so that you can apply for a lease extension before the lease ends.
As a leaseholder, you may be required to pay the property's ground rent as well as any other service fees, such as building insurance, to the management company or landlords that may increase over time. With the new leasehold reform act 2022(Ground Rents), you might not need to pay the ground rent on your new long residential leasehold property; you need to check whether your lease will be covered by this new act, as it will only apply to leases granted on or after 30 June 2022.
It is important to check whether you are allowed to make some alterations to the leasehold house according to your needs or not; some landlords don't allow any alteration in the property, but not in all cases.
Considering leasehold enfranchisement would be a worthwhile option, as it will provide you options for buying the freehold properties or extending the lease that, gives you more control over the property.
Difference between Freehold and Leasehold
|Ownership for a specific period of time
||Ownership for an unlimited period of time
|May need to extend or enfranchise the property
||No need to renew or extend the right of ownership
|Prior permission or approval is needed for any maintenance or alterations
||The owner can alter or improve the property
|Leaseholder might need to pay ground rent or some service charges to the owner
||All responsibilities or expense related to property is on the freehold owner
At QualitySolicitors, our conveyancing solicitors advise on all the legal aspects of leasehold properties - whether you are planning to buy or sell a leasehold. We can also advise you on your rights and provide help if you're experiencing difficulties with a current leasehold property or leasehold enfranchisements.
Our friendly solicitors will explain the process clearly and answer any questions you may have. We offer a free initial assessment so that you can find out about our service, timescales and costs with no obligations. So for advice about leasehold property law, call us at 08082503516 or contact our experts today.