Fridaysmove ’s Solicitors handled the Conveyancing of a 125 year leasehold in Portsmouth in April 2010 on behalf of purchasers Mr. and Mrs. S. The property was located on Clive Road, Portsmouth, PO1 and valued at approximately £98, 000. 00.
There are several delays that can occur in these types of transactions as they require more investigation than freeholds. This is because of the obligations on both the landlord and the tenant need to be studied by the incoming tenant’s solicitors. The basic format is usually the same and while Solicitors are accustomed to finding their way around leases, there is no alternative but to read it from start to finish – that is the case even if it has passed through many different hands since it was first granted.
With that in mind, Katie Clark, the Property Lawyer that headed the transaction, checked every aspect of the lease including services charges, maintenance, and ground rent and ensured nothing was overlooked.
As the law is constantly changing, a lease that has existed for many years needs to be examined thoroughly because there could be provisions in it that are no longer acceptable.
Katie worked closely with the seller’s Conveyancing Solicitor, Biscoes, to facilitate an overall fast and smooth transaction. The Biscoes branch covering Portsmouth is located at Kingston Place, Kingston Crescent, North End, Portsmouth, Hampshire, PO2 8AQ.
Routine local area and environmental searches were also conducted. The local authority district for the property is Portsmouth council at Guildhall Square, Portsmouth, Hampshire, PO1 2BG. Additional information about the local area and issues can be viewed on the council website – www.portsmouth.gov.uk.
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