At Rotheras our conveyancing team have a wealth of experience in dealing with various leasehold transactions and can assist and advise you on the following:
Purchases and Sales
Compared to buying a freehold property where you own both the property and the land on which it stands, buying a leasehold means you own the property but the land it is built on is owned by the freeholder.
If you are considering buying a leasehold property we can check the terms of the lease for you, including how many years are left on the lease, the ground rent and additional charges and any restrictions. We can also check the legal title documents sent by the seller’s solicitor and can carry out all appropriate searches.
In terms of selling a leasehold property, there can be more paperwork involved than selling a freehold house, and at Rotheras we can guide and assist you with providing all the information the buyer’s solicitor will need to reduce the number of queries they come back with and ensure the process runs smoothly and efficiently.
If the current lease on the property is short, we can also help with making it easier to sell by advising you on the options of extending the lease or purchasing the freehold (see below).
If you have owned the leasehold on a property for more than two years then you are eligible to extend the lease. Typically flats tend to have a lease term of between 99 and 125 years, and it is often advisable to extend the lease sooner rather than later, otherwise the cost of doing so becomes greater. Extending the lease is also a great way of retaining the value of the property and makes it more saleable if you decide to remortgage.
Where an agreement has been reached between the leaseholder and landlord or freeholder to extend the lease our conveyancing team can deal with the paperwork for the extension as well as approve the deed confirming the extension and register the extension with the Land Registry.
Purchase of Freehold
Buying the freehold on a leasehold property, also known as leasehold enfranchisement, has a number of benefits. Not only does it mean you can live in the property for as long as you wish, but it also means you can make changes to the land and property without having to consult the landlord and it can make the property more appealing to buyers should you wish to sell it in the future.
At Rotheras we can help advise you on the financial and practical implications of a freehold purchase, as well as review the current terms of your lease.
Re-mortgage and Transfer of Equity
Re-mortgaging a leasehold property is the same process as with a freehold property, and involves changing the mortgage on the property by moving to a new lender. You might choose to remortgage because your current mortgage deal is coming to an end or you want to increase the amount you borrow and another lender is offering a better deal. Our conveyancing team are very experienced in remortgaging for leasehold properties and work closely with banks and building societies to ensure the process happens quickly and without hassle.
We can also advise and assist on transfer of equity for leasehold properties, where you are looking to change the legal ownership of the property without actually selling the property (see our Transfer of Equity page for more details). With a leasehold property there could be certain requirements under the lease that also need to be dealt with, as well as extra disbursements such as a notice served on the landlord, which we can also advise you on.
Taking out a shared ownership lease means you buy a share in your home and rent the remaining share at a reduced or subsidised rate, usually from a housing association through which the scheme is run.
Under the scheme you will have a lease with the housing association which details the shares in the property that you own and the housing association owns. The lease will also outline your rent amount, your obligations regarding maintaining the property and any restrictions.
At Rotheras our experienced team can assist you in buying the property and advise you on the details of the shared ownership lease, as well as offer guidance on buying more shares in the property at a later date (known as staircasing).
As the leaseholder of a property, the landlord, who may also be the freeholder, will often charge you ground rent, which is a sum payable to the freeholder to occupy the land a leasehold property is built on, as well as service charges which cover the cost of services including general maintenance and repairs, building insurance and heating and lighting.
In unfortunate cases leaseholders can find themselves at the mercy of their landlord, who may decide to increase the ground rent or service charge at any time or fail to manage the property adequately. As a result it is not surprising that disagreements can arise between the leaseholder and landlord.
Why use Rotheras for leasehold property transactions?
You will be assigned a dedicated team member who will handle your case from start to finish and provided with their direct contact details.
We have seven offices across Nottingham where you can see a member of our conveyancing team.
We can review a lease and its terms and advise you of your leasehold rights before you enter into any agreement We will be upfront and transparent about costs so there are no hidden/extra charges.
Send us a message
Our fees made clear:
“We explain costs
clearly – so there’s no
Head of Conveyancing
This was my first experience using a solicitor, something I felt quite daunted about. Rothera Sharp (Greg and Petra) put me at ease and were very helpful.
Last year I experienced a car accident, as a front seat passenger. I put forward a personal injury claim with Rothera Sharp. From start to finish, my claim has been dealt with efficiently and professionally, and I have always felt my best interests were considered. All communications were made via letter or email to inform me of all further updates. My claim has now come to an end and I am very happy with the overall outcome. I would recommend Rothera Sharp for their service.
We cannot recommend Chris Powell of Rothera Sharp more highly. Mr Powell demonstrated the upmost professionalism with a high level of knowledge of the area for which he was representing us. Anyone needing representation/advice regarding the area of haulage will find that Chris Powell and Rothera Sharp are the best choice.
Claim dealt with efficiently and to a satisfactory conclusion. Wayne Vickers visited me at home initially and explained everything thoroughly. Professional service throughout. Recommended
Antony Fyson is a Partner and heads up the Long Eaton branch Office of Rotheras Solicitors and offers clients a wealth of expertise in Commercial Property and Conveyancing matters.
Duncan Godfrey is a Probate, Trusts and Residential Conveyancing Solicitor at Nottingham based Rotheras Solicitors and is located at our offices in the Lace Market and Burton Joyce.
Greg Tring specialises in all aspects of residential conveyancing and regularly acts for clients on sales, purchases, remortgages and transfer of equity and is part of one of the largest conveyancing teams across the East Midlands.
Michelle Young is a residential property specialist and heads up the residential property team at Nottingham-based law firm Rotheras Solicitors.
Lucy Pettitt has amassed over 12 years of experience in all aspects of Conveyancing.
Emily Weston is as an Associate Solicitor in the Residential Conveyancing team and is based primarily at our Beeston office.
Kerry Brown is a residential property specialist at Nottingham-based law firm Rotheras Solicitors.
Jan Raszyk is a Conveyancer in Rotheras Residential Conveyancing department.
Kerry Redfern is a residential property specialist at Nottingham-based law firm Rotheras Solicitors.
Sally is our first point of contact for any new conveyancing enquiries that come in to the department and provides a bespoke quoting service for prospective clients, estate agents and other referrers of work.
Penelope Baird is a Paralegal in Rotheras residential conveyancing department and is based at our Long Eaton office
Vicki Ettles is a Paralegal in the residential conveyancing department at Rotheras and is based at our Long Eaton office.
Brett James is a Conveyancing and Wills and Probate Paralegal at Rotheras Solicitors and is based at our Lace Market office.
Emily Kevan is a residential property and commercial property paralegal at Rotheras. She is based at our Lace Market office in the heart of Nottingham city centre.
Sara Lockton is a Paralegal in the residential conveyancing department at Rotheras and is based at our West Bridgford office.
Grace Millward is a Paralegal in Rotheras Residential Conveyancing department and is based at the Beeston office.
Hollie Moore is a Paralegal in the Conveyancing department.
Holly is a paralegal who assists Head of Department Michelle Young and Kerry Brown at the West Bridgford office.
Cycling road safety during the second lockdown
The Prime Minister has announced that England are to be in a nationwide four-week lockdown to control the spread of Covid-19, from November 5 to December 2, as cases have spiked in recent weeks. Consequently, people are being told to stay at home, there is a ban on gathering with people you do not live with and the closure of non-essential business.
Posted on 11/17/2020