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Leasehold Residential Property Conveyancing Thinking of buying a lease?
Sheltered Accommodation
If a property forms part of a larger building it will usually have to be leasehold. Leasehold properties are more complex, from a legal perspective, and full of traps for the unwary, so you will need expert advice.
These are special developments geared to the needs of mature, (usually 55 years plus) retired, or elderly homebuyers.
Occasionally where the terms of a lease are defective it will be necessary to vary the terms by Deed of Variation. We will tell you if this is necessary. Whilst the price of a leasehold property may compare favourably with a freehold with similar accommodation, the outgoings will almost certainly be higher. Also be aware that if you’re used to doing as you please you may not adjust well to living in a leasehold property where you are obliged to abide by the rules of the development. If you are thinking of buying a leasehold property it is important to check it out carefully. Waiting for all the relevant information to emerge can entail a frustrating wait. You will need to be patient and allow plenty of time. Thinking of extending your lease? The market value of a leasehold property depends on how long the lease has left to run. If it is close to or less than 80 years you can expect problems on resale, so it is advisable to arrange for the lease to be extended before buying. Who does what and who pays is a matter for negotiation and it will usually be necessary to take advice from a qualified specialist surveyor as well as a solicitor. You will need to allow plenty of time for obtaining initial advice, negotiating, agreeing terms and for concluding the legal formalities. We handle lease extensions and we can advise on protecting your position. We can arrange for a lease extension to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. We provide it.
Sheltered accommodation is designed to offer a tranquil living environment with a level of personal support, such as a resident warden and perhaps some communal facilities, such as laundry or overnight guest accommodation. We are always pleased to provide advice to the elderly homebuyer and their families or carers. The documentation can be quite complex, and the costs more extensive than with a normal house or apartment. If you are used to owning your own freehold house you may find the transition to living in a leasehold development challenging. Sheltered accommodation is not for everyone. We are happy to offer local home visits locally to clients who cannot call at the office or who have difficulty with the steps leading to our front door. Shared Ownership We are among a limited number of solicitors that handle shared ownership transactions. Shared ownership enables you to get a foot on the property ladder when this would otherwise be out of reach. You buy just a share in a property and pay rent for the rest; you can increase the share you own later on. It sounds simple, but there is much more involved than when buying a property outright and you will definitely need an expert solicitor to guide you through. We can act for buyers or sellers of shared ownership properties but as the procedures and documentation are more complex, our fees for this work include an uplift to reflect the additional time required. Shared ownership properties are always leasehold. Back to previous page
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