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Amazing experience
After placing an enquiry, I received a call 20 minutes later, and then 2 hours later, I had a solicitor assigned to me. They were absolutely incredible right from the word go - amazing and very prompt with replies, answering all my questions and keeping the process moving. We finally completed today and I am so unbelievably happy. I wouldn’t hesitate to use Lawhive again in the future if needed.
Lily
First class service
I initially made an online enquiry about a tricky conveyancing matter and received an immediate call back. They understood straight away what was needed and gave me a quote that was very reasonable. It was such a pleasure to find someone who was cheerful, professional and completely reassuring as I’d been getting quite anxious about the sale of my house. The service Lawhive has provided is absolutely first class and I cannot recommend them enough.
Charles
Empathetic, professional and efficient
I am an executor, selling my mother's home. I found the assistance I received from Lawhive first rate - empathetic, professional and efficient.
Mark
Great service from Lawhive
We used Lawhive for our conveyancing needs and our solicitor was very helpful, patient and informative. She helped us with our needs with prompt responses and provided a very efficient service.
Kelvin
Great service when you need clarity and calm
Our solicitor was warm, friendly and provided crystal clear communication. A lot of conveyancers assume customers know everything about the process already, so it was really appreciated to hear each stage included in the price given.
Em
Quick and efficient
We used Lawhive for a transfer of property and conveyancing. Our solicitor was so helpful and thorough with the whole process. He responded quickly and efficiently to any questions or requests that we had and explained some of the more complicated issues regarding the process clearly.
Geri
Fantastic service and experience with Lawhive
I had the pleasure of working with Lawhive doing a transfer of equity on a property. Our solicitor’s service was amazing, she responded quickly to any questions or concerns and kept me updated throughout the process. I can strongly recommend her for any conveyancing work that you may need. Fantastic service all round.
Jane
Amazing experience
After placing an enquiry, I received a call 20 minutes later, and then 2 hours later, I had a solicitor assigned to me. They were absolutely incredible right from the word go - amazing and very prompt with replies, answering all my questions and keeping the process moving. We finally completed today and I am so unbelievably happy. I wouldn’t hesitate to use Lawhive again in the future if needed.
Lily
First class service
I initially made an online enquiry about a tricky conveyancing matter and received an immediate call back. They understood straight away what was needed and gave me a quote that was very reasonable. It was such a pleasure to find someone who was cheerful, professional and completely reassuring as I’d been getting quite anxious about the sale of my house. The service Lawhive has provided is absolutely first class and I cannot recommend them enough.
Charles
Empathetic, professional and efficient
I am an executor, selling my mother's home. I found the assistance I received from Lawhive first rate - empathetic, professional and efficient.
Mark
Great service from Lawhive
We used Lawhive for our conveyancing needs and our solicitor was very helpful, patient and informative. She helped us with our needs with prompt responses and provided a very efficient service.
Kelvin
Great service when you need clarity and calm
Our solicitor was warm, friendly and provided crystal clear communication. A lot of conveyancers assume customers know everything about the process already, so it was really appreciated to hear each stage included in the price given.
Em
Quick and efficient
We used Lawhive for a transfer of property and conveyancing. Our solicitor was so helpful and thorough with the whole process. He responded quickly and efficiently to any questions or requests that we had and explained some of the more complicated issues regarding the process clearly.
Geri
Fantastic service and experience with Lawhive
I had the pleasure of working with Lawhive doing a transfer of equity on a property. Our solicitor’s service was amazing, she responded quickly to any questions or concerns and kept me updated throughout the process. I can strongly recommend her for any conveyancing work that you may need. Fantastic service all round.
Jane
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01 overview
If you're thinking of buying a leasehold property, you must understand what it means including the terms of the lease and any potential restrictions and charges.
At Lawhive, our network of property solicitors is ready to offer fast, accessible, and affordable legal assistance and advice when buying a leasehold property.
We can help you understand the risks involved, empowering you to make informed decisions on your property investment. To get started, contact our legal assessment team for more details and a transparent fixed-fee quote for the services of our solicitors.
When you buy a leasehold property you're buying a lease from the freeholder.
That means you don't own the property outright. It means you only own it for a set period.
The freeholder (sometimes called the landlord or the lessor) retains ownership of the property and the land. In buying a leasehold property you enter into a legal contract with them, which is called a lease, under which you have certain rights and obligations, as does the freeholder.
Essentially, in buying a leasehold property you are buying the right to live in the property for a certain number of years (the lease term). You also agree to pay the freeholder a set amount at regular intervals.
When the lease ends, ownership of the property goes back to the landlord, unless you both agree to extend it.
The main difference between freehold and leasehold is ownership.
With a freehold, you own the property and the land when you've paid off your mortgage (if there is one) until you decide to sell it.
With leasehold property, you own the property for a set number of years.
Most flats and apartments are leasehold.
Residential houses can also be leasehold, particularly if purchased through a shared ownership scheme.
The length of a lease varies. New residential leases tend to last for at least 125 but can go up to 999 years. However, older leases may have a shorter duration of 99 years.
When you buy a leasehold property, the lease agreement will include the total duration of the lease. How long is left on a lease when you buy a leasehold property is important, as it can affect things like getting a mortgage for that property, among other things.
Whether you can get a mortgage for a leasehold property depends on the lease length.
Lenders prefer properties that have at least 75 years remaining.
If you're looking to buy a leasehold property with a lease length of less than 75 years, you may find it hard to get a mortgage, and your lender might ask for certain insurance policies or a higher deposit.
Applying for a mortgage for a leasehold property also takes longer than getting a mortgage on a freehold property. Again, this is because the lender will look at things like the property's condition and the lease terms, such as ground rent, and service charges.
If they find issues in these areas, mortgage providers may refuse to lend or request a higher deposit.
It may also be tricky to get a mortgage on a leasehold property if the freeholder is absent because of the risks involved, however, this risk may be mitigated with an Absent Landlord Indemnity Policy in some cases.
You need a conveyancer or property solicitor to help you buy a leasehold property.
Not only does a solicitor help with all the important paperwork for a property purchase, but they will also:
Simply put, a solicitor helps safeguard your rights and will negotiate on your behalf if needed. They will inform you of any risks and pitfalls of buying a leasehold property, so you can make an informed decision.
At Lawhive, our network of leasehold property solicitors and conveyancers is on hand to help you buy a leasehold property. To find out more and get a fixed-fee quote for their services, contact our legal assessment team today.
Ground rent is an annual payment paid by a leaseholder to the freeholder. It can either be fixed or increased over time.
Lots of people who buy a leasehold property get caught out by ground rent. Sometimes, they buy the property without knowing that it can increase over time, which is quite an upsetting discovery to make once you've made the purchase!
Therefore, if you're considering buying a leasehold property you need to make sure you understand all the details about ground rent, including how much it is and whether it is fixed or escalating.
Your conveyancer or property solicitor should be aware of this and bring any relevant lease terms or clauses to your attention during the process, including rent review clauses.
Sometimes, ground rent costs may be negotiable or be reduced to a peppercorn ground rent.
If the freeholder is open to negotiation, you may be able to reduce ground rent costs and get a better deal. Again, your solicitor is the best person for this as they will be experienced in these negotiations and can help manage your expectations.
Maintenance and service charges for leasehold properties cover the upkeep of shared areas like gardens, hallways, and lifts in apartment blocks or flats. These charges also go towards building insurance.
Service and maintenance charges usually cost the leaseholder a set amount every year, but they can change.
As with ground rent, if you're buying a leasehold property and unsure about a charge or why you have to pay it, your first port of call should be your solicitor.
It's also worth asking the freeholder or their agent about any planned works you might need to pay for as the leaseholder to anticipate costs further down the line.
Lease agreements often include rules about what you can and can't do in or with your leasehold property.
For example, if you buy a flat your lease agreement might say you can't have pets.
Alternatively, you might need the freeholder's approval for certain projects, like building an extension.
Freeholders can't unreasonably deny your request in these circumstances, but you might have to pay a fee before renovating your leasehold property.
Common leasehold restrictions may relate to:
Leasehold properties can go up or down in value depending on the market, economy, and other factors like how long is left on the lease.
In some circumstances, extending the lease of leasehold value can make it more attractive and possibly increase its value. However, it's important to balance any potential benefits of extending a lease with the time and costs involved in extending the lease.
Given the costs and perceived drawbacks of leasehold property, many people might wonder why on earth anyone would buy a leasehold property.
In response to this, the government is in the process of introducing leasehold reforms. These reforms should make it easier and more affordable for leaseholders to extend their lease or buy the freehold.
However, there are no plans to completely abolish the leasehold system or ban leasehold properties. Instead, reforms will focus on modernising it.
Are you looking to buy a leasehold property? Our team of experienced property solicitors specialise in this area and is on hand to provide expert advice to ensure you fully understand your rights and obligations as a leaseholder.
What's more, our solicitors can also negotiate on your behalf with freeholders or their agents to secure the best possible lease terms, including potentially reducing ground rent costs and minimising fees for leasehold alterations.
With our network of leasehold property solicitors and conveyancers, you'll feel confident in your decision to buy a leasehold property on your terms.
Contact our legal assessment team for a free case evaluation and fixed fee quote for our leasehold conveyancing services today.
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