If you've ever felt overwhelmed by the complicated ins and outs of buying leasehold properties, you're definitely not alone. It's a tricky area, full of unfamiliar terms and important decisions. But don't worry - help is at hand.
At Switalskis, our expert team of leasehold solicitors is here to guide you through every step, from your first question to the moment you secure your property.
We've got a dedicated team of expert solicitors and conveyancers ready to help you navigate the ins and outs of leasehold properties. We know dealing with a leasehold can seem complicated, but we're here to make the legal parts as simple as can be. We'll break down the legal language for you, keep you informed at each step, and provide you with a hassle-free experience.
When you first reach out to us, we'll sit down for a chat to understand your needs and goals with your leasehold property. We'll guide you through each stage, demystifying any legal terms and sorting out all the paperwork so you can focus on your next move.
At Switalskis, you're not just hiring a solicitor, you're teaming up with people who genuinely care about your future. We tailor our advice to your specific needs and keep you in the loop at all times so you can make informed decisions.
Our online service makes dealing with your leasehold property a breeze. Here's how it works:
Our aim is to take the hassle out of the legal aspects of leasehold properties, leaving you free to focus on your future plans.
Binding agreement: a date is agreed upon for completion, mortgage funds are requested, and contracts are exchanged, making the transaction legally binding.
Final payment and legal requirements: funds are transferred to the seller's solicitors. For leasehold properties, additional documents and fees may need to be sent to management companies, landlords and freeholders.
Key collection: you can collect the keys from the estate agent or seller and are now the legal owner of the property.
Stamp Duty and Land Registry: your Stamp Duty Land Tax is submitted and paid. An application to the Land Registry is made to register the new ownership.
There are often restrictions on leasehold properties. These restrictions can vary depending on the lease, but they can include things like:
The lease will usually specify how to get permission to do things that are restricted. In some cases, the landlord may have the right to refuse permission, even if it’s something that you would reasonably expect to be allowed to do.
A lease is extendable in the UK. Under the Leasehold Reform, Housing and Urban Development Act 1993, leaseholders of flats have the right to extend their lease by a further 90 years. Leaseholders of houses can extend their lease by a further 50 years, but only once.
To be eligible to extend your lease, you must have owned the property for at least two years. You must also pay a premium to the freeholder, which is calculated based on the value of the property and the length of the extension.
The process of extending a lease can be complex and time-consuming, so it’s important to get professional advice. There are a number of companies that specialise in lease extensions, and they can help you through the process.
Extending your lease can be a good investment, as it can increase the value of your property and make it easier to sell. It can also give you peace of mind knowing that you’ll have a long-term home.
You can buy the freehold of your leasehold property later on. This is called enfranchisement. To be eligible for enfranchisement, you must:
The freeholder may be willing to sell you the freehold at a price that is agreed between you. If you cannot agree on a price, the freeholder will be able to refer the matter to the Leasehold Valuation Tribunal, which will decide the price.