Leasehold conveyancing in Leicester

When you own a leasehold property you own it for a fixed number of years under a lease, while someone else owns the freehold. Most flats in Leicester and Leicestershire are leasehold, and so are some houses, particularly on newer estates.

What your conveyancer checks

The length of the lease and whether it’s long enough for your lender and for resale. The ground rent, including how and when it increases. The service charge: what it covers, recent accounts, and whether major works or a reserve fund are planned. Restrictions on letting, pets, alterations and short lets. Repair and insurance responsibilities. Building safety information, especially for taller buildings. And whether the landlord’s and managing agent’s details are up to date.

Why it takes longer

Your conveyancer has to get information from the landlord or managing agent, who charges for it and isn’t always quick. Lenders also have specific requirements for leasehold properties. Allow extra time and expect extra cost compared with freehold.

Leasehold reform

The Leasehold and Freehold Reform Act 2024 makes changes to lease extensions, buying the freehold, service charge transparency and ground rent, with parts coming into force in stages. How it affects a particular property depends on which parts are in force when you buy or sell, so ask your conveyancer.

Lease extensions

Leaseholders of flats who meet the qualifying conditions have a statutory right to extend their lease. It’s often worth doing before selling, or at least starting the formal process so the right can pass to the buyer. Extensions involve a valuer as well as a solicitor.

Common questions