Leasehold conveyancing is very often more expensive than regular freehold conveyancing because of the extra work that is involved from the solicitor. Here are some reasons for this price hike:
- Your chosen conveyancing company must check your lease has been written correctly so that you do not suffer in any way legally and do not conflict with your mortgage lender. It is very important that these documents are gone over very carefully so the terms are fair for all parties. These documents can be up to 100 pages or more long, so you can see where the extra cost comes in.
- Most leasehold properties tend to be in blocks of flats or maisonettes and are frequently run by management firms. Your conveyancer must ensure that the management company or is operating sufficiently and within the law and that the up keep of the properties are managed properly. They way they must do this is to send the management firm a questionnaire ascertaining how the property is managed and by checking the management firms accounts. Most conveyancing companies will require a minimum of 3 years accounts, recent service charge statements and confirmation of payment and recent ground rent receipts. This process can be lengthly and depends heavily on the management companies co-operation. A specialist solicitor will be able to guide you through this process quickly and stress free.
- Additionally your conveyancing solicitor must check that your property will be sufficiently insured.
Choosing a conveyancing company that specialises in leasehold conveyancing will yield and fastest and best results. Extra experience is required to deal with management companies and check leasehold documents. Make sure your chosen company has sufficient experience in this field before getting a conveyancing quote and proceeding, otherwise the process could take a very long time.
