Your leasehold solicitors in Cornwall and Devon
If you are buying a leasehold property, you need solicitors you can trust. Our award-winning conveyancing team will ensure you are supported every step of the way.
Buying or selling a leasehold property can feel complicated and stressful. Our straightforward, jargon-free advice will ensure you understand the process and are fully informed at every stage. At Coodes, each and every one of our clients is our priority. It’s why our property solicitors have been crowned the best in the South West for customer service.
Our leasehold solicitors are based in offices in St Austell, Truro, Falmouth, Newquay, Launceston, Liskeard, Penzance and Holsworthy. That gives us a wealth of local knowledge and means we can provide a personal face-to-face service, in a location near to your work or home.
Your leasehold property sale or purchase will be handled by a senior and experienced conveyancer with an assigned assistant, so you have two people to contact at all times.
Being members of the Conveyancing Association we keep up to date with any changes in leasehold legislation. And because we sit on most of the lenders’ panels we have the advantage, over many other conveyancers, of being able to act for both you and your lender, saving you time and money.
What is a leasehold property?
All properties are classed as either leasehold or freehold. Leasehold means that you own the property, but not the land on which it is built. You have the right to own and live in the property for as long as the lease is valid, but the land remains the property of the freeholder.
Leasehold solicitors with specialist expertise
Whether you are buying or selling a leasehold property, it is recommended you choose a conveyancer with leasehold expertise. Our specialist leasehold solicitor team meets regularly with all the major lenders and is fully up to date with current leasehold legislation and lenders’ requirements.
Buying a leasehold property
When you a buy a leasehold property, you will own the property, but not the land on which it is built. If you are looking to invest in a flat, it is quite likely you will buy a leasehold property. You need to be aware that you may also have to make regular payments to whoever is responsible for managing the building.
As the owner of a leasehold property, many of your rights and obligations will be set out in the lease. This means the property deeds are often lengthy, complex and full of legal jargon. In supporting you to make the right decisions, our job as your leasehold property solicitor is to investigate and explain the legal terminology to ensure you understand it and are comfortable with what you are entering in to.
Your mortgage lender may have stringent guidelines as to which lease terms are acceptable to them. Our expertise as leasehold solicitors means we understand the requirements and can offer you the very best advice.
Advising you on your obligations as a leasehold property owner
If you own a leasehold property, our specialist conveyancers will advise you on your obligations so you know exactly where you stand. Many leasehold properties require you to make regular payments to the landlord or management company responsible for the upkeep of the building. You may need to pay ground rent, services charges or administration charges. It is important to be aware that these charges can increase over time. As specialist leasehold solicitors, we can advise you on this so you know what to expect and avoid any nasty surprises in the future.
Selling a leasehold property
If you are selling a leasehold property, an important consideration is the length of the lease term. A common concern from potential buyers is that the property will eventually go back to the ownership of the landlord. And, of course, the lease will have reduced in length over the time you have owned the property. It is common for new leases to have a 999 year lease term. However, this was not always the case and if your property had a lease term of 99 or 125 years, it may now have a relatively short lease that could put off potential buyers and their respective lenders
So, if you want to sell your leasehold property, you may be concerned about the length of the lease, particularly if it is now below 90 years. We can advise you on applying for leasehold extension. The process is complex, but our specialist leasehold property solicitors can help.
If you are selling a leasehold property, the landlord or management company for the building may ask you to pay administration fees to cover their costs. Some leases, usually for retirement flats, include an exit or transfer fee. As your leasehold property solicitor, we would review your lease to check what costs you are obliged to pay.