Leasehold or Shared Ownership Leasehold Property
Whether you are buying or selling a leasehold or shared ownership property you will need an experienced property solicitor who is familiar with dealing with these types of transaction as they may be more time consuming and there are more elements which need to be checked carefully to protect you. If you are purchasing a leasehold property we will obtain a copy of the lease and usually receive a Leasehold Information Pack which gives us a lot of information about any service charges, ground rent or works that might be taking place. It is vital that we check these documents carefully so you know exactly what you are getting and are comfortable with any future obligations. If you are having a mortgage to purchase your leasehold property, we will have to ensure that your mortgage lender is happy with certain elements of the lease and in some circumstances a mortgage lender might ask for the lease to be amended before they will agree to grant a mortgage to you. In this case we would liaise with the seller and their solicitor in order to try and vary the terms of the lease. Shared ownership is a scheme introduced by the government that allows you to purchase a percentage of your home and pay rent on the remaining share. You can then purchase further shares of your property in the future (this is called Staircasing) until you eventually own the whole property. We can assist you in the sale or purchase of a leasehold or shared ownership property, contact us today to discuss your requirements.