Liddy’s have a specialist conveyancing team who work with both commercial and domestic properties in England and Wales. The team is led by Mohammed Khalil, a solicitor with over 15 years experience.
Leasehold means that you do not buy a property outright, instead you lease it for a set number of years from the freeholder, who in this case is sometimes called the landlord. Leases are usually for extended periods of time; typically 90 or 120 years, but we have seen leases as high as 999 years, and as low as 40 years.
At the end of the lease period the ownership of the property reverts back to the freeholder. Therefore it is imperative that the length of the leasehold is known. In theory, the shorter the leasehold term the lower the value of the property.
The law has evolved over recent years to protect the rights of those who have purchased a property leasehold. For example, you may be able to extend the lease period once it runs out, and renegotiate the terms of the lease to dictate who carries out any necessary maintenance work.
Even with these added rights, buying a property on leasehold, or negotiating the terms of a new leasehold contract are extremely difficult, and we recommend you always use an experienced solicitor.
Liddy’s specialises in providing a personal touch to all our clients. We take our time and ensure that all aspects of the conveyancing process is properly accounted for and covered. Unlike most firms, we offer a guaranteed fixed fee conveyancing service, and at the outset of the process we will give an estimate of costs, which will include additional fees such as Stamp Duty Land Tax, Land Registry Fees and Search Fees.
To find out more about how we can aid in your leasehold conveyancing process, or renegotiation, then just call our Wakefield office on 01924 366 896, the Barnsley office on01226 731 314 or contact us here.