Leases of flats and maisonettes in the region can contain a wide variety of terms and conditions, as Conveyancing Solicitors in Sheffield know only too well.
These varied terms, and the potentially severe consequences of overlooking a vital clause, require Property Lawyers to go over leasehold documentation with a fine-tooth comb.
This is one the main reasons why Leasehold Conveyancing can potentially be both more expensive and more time-consuming. Regrettably, there is no such thing as a standard lease, so each case must be considered individually.
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Buyers often fail to appreciate that the additional work which is involved on leasehold properties means that the legal work can take longer than for freehold homes. Conveyancing Solicitors in Sheffield acting for sellers will have to obtain a variety of information from freeholders or managing agents, who frequently take weeks to reply.
The following are just some of the points which Conveyancing Solicitors in Sheffield check on when acting for purchasers of Sheffield flats:
- How long does the lease have left to run? Mortgage lenders insist upon having a minimum unexpired term, and Conveyancing Solicitors in Sheffield generally advise that if less than 70 years still remains then an extension should be obtained.
- Are there any unusual provisions? Bans on pets or wooden flooring?
- Has the seller carried out any alterations? If so, have they been authorised by the freeholder?
- Does the plan accurately show the flat? Plans on older documents are often inaccurate, while sellers sometimes 'expand' into areas such as lofts or cellars which are not in their ownership.
- What is the current service charge, and is it likely to be increased?
- Is there proper building insurance? This is often arranged by the building owner or a management company, and must be sufficient to meet mortgage lenders' requirements.
- Does the seller have a share in the freehold?
If you are buying a flat in South Yorkshire you will need the services of Conveyancing Solicitors in Sheffield familiar with the purchase and sale of leasehold property.