More Leasehold Information for buyers earlier in the process.
Ministers last week endorsed proposals to give buyers significantly more leasehold information in the home buying process.
At present there are no requirements for estate agents or house builders to provide up front information in respect of a leasehold property. The proposals will mean that estate agents and house builders will be require to provide prudent information early in the process, much before lawyers become involved in the transaction.
The proposals will mean that consumers can make a more informed discussion when looking to purchase property. The current proposal is that house builders and estate agents would have fifteen days to provide required information. The proposals are still in the early states and the exact information to be provided to prospective buyers is still not know but we would hope this will include details of the term of years remaining on a lease, the ground rent payable and levels of any service charge for buyers of Flats.
When you instruct Taylor Bracewell to carry out your conveyancing you have more than likely already fallen in love with the property before we have had the opportunity to review all the legal paperwork. The implementation of these proposals will hopefully mean that when we advise you of the legal matters they will not come as a shock to you.
Unlike other areas in the Country, South Yorkshire and in particular, Sheffield, sees a lot of leasehold properties. This is not uncommon to us as experienced lawyers but to some of our clients presume that when they buy a house they will own the freehold. Not all leases are bad and we will fully advise you of the terms and conditions of the lease and ensure that you are comfortable with the legal title before you proceed to completion.
In most cases once a person has owned a leasehold house for two years they are legally entitled to purchase the freehold from the Landlord subject to the landlord being compensated for this. We are more than happy to discuss the process with you during the course of your transaction.
We will keep you updated on the progress of the above proposals and are always happy to see the Government working to make the conveyancing progress as transparent and stress free as possible for our clients.
For more information on leasehold properties speak with our residential property Lawyers on Doncaster 01302 341414 or Sheffield 0114 272 1884 or Email Brad@taylorbracewell.co.uk