If you have a property on the basis of freehold then this denotes you are the owner of the property along with the land that it stands on, which can be enhanced or altered according to your preferences. However, when you own leasehold property then you can occupy the property or land with stipulated conditions, still the freeholder owns it. This can be restrictions on common aspects including having pets, building alternations, and so on.
Earlier, conveyancing was a time-consuming process and it can be an expensive deal for leasehold properties because detailed review and research must be made. The conveyancer would go through the lease, discuss important points, and then decide whether you are eligible for the same or not. Now, several professional companies made their way to the industry, offering efficient property conveyancing services and that too at affordable prices.
Focusing on the Details
Since there is a huge difference between purchasing leasehold property and the usual freehold property, it is essential that you understand every detail mentioned in the agreement before entering into a contract. If you do not do so, then you would probably find yourself owning stressful and costly leasehold property.
With the help of a competent conveyancing solicitor, you will be able to understand the various elements of the agreement including:
- The tenure of lease
- The due ground rent to freeholder or landlord
- Other common service charges owed
- Responsibility for the structural and maintenance work of the building, and
- The process to extend the lease
Further, professional conveyancer even suggests various steps for getting the best mortgages on the properties and explains your legal rights and responsibilities of being a leaseholder.
Some of the common rights that you can practice are
- Acquire information about the various service charges that are part of the building
- Consult about running and maintenance costs
- Challenge certain points which are not appropriate, and
- Know the name and address of the freeholder
The responsibilities that you have to cater to are
- Take permission from the freeholder for performing alternations to the property (if required)
- Handle the repairs and other damages to the property caused on time, and
- Pay the agreed amount of money for the maintenance and care of the property
What Makes Property Conveyancing So Important?
There is not just one but many reasons that make property conveyancing extremely important and these are:
#1. Conveyancing Solicitor Verifies the Lease
The lease can be a complex piece of document and a professional on the behalf of the leaseholder must check this. Moreover, if you are planning to get a mortgage then the solicitor will do the needful to make sure that the parameters are met. This means, there is a lot of information to handle and doing this competently will never be possible without the help and assistance of a conveyancer.
#2. Understand Your Legal Obligations
Are you aware of your legal duties and rights as a leaseholder? Do you know how to implement them? Well, the answer to these questions can be simplified with the help of a solicitor. They provide optimal information about your legal obligations. Moreover, they know how to implement them in different situations.
#3. Effective Resolution of Disputes
Another major advantage of property conveyancing is that any sort of dispute would be resolved on time, because you will always have a legal help at each and every step of the leasing process. The solicitor will let you know how to handle them and resolve the matter of an extreme case.
Hence, always take the advice of an expert in case of leasehold properties.