The Role Of A Leasehold Purchase Solicitor

Have you ever wondered what happens after you instruct your solicitor for the leasehold purchase? The role of a leasehold purchase solicitor goes far beyond just handling the paperwork. They work to protect your interests. This is achieved by conducting a thorough investigation into all aspects of the leasehold agreement.

So, what processes are involved in the role of a leasehold purchase solicitor?

Your solicitor will scrutinise every clause of the lease agreement. They will do this to identify any potential onerous terms or hidden liabilities. This is done to avoid them affecting you negatively in the future.

They will also complete financial due diligence for the purchase. This will include confirming any outstanding ground rent or service charge arrears that the current owner might owe. We do this to ensure that as the purchaser of the leasehold you don’t inherit any unexpected debts from unpaid fees.

Our leasehold purchase lawyer will also make essential enquiries to the freeholder or management company. This will include requesting service change accounts from previous years. They will also look at details of planned major works along with any known disputes among residents. In addition, they will collect any information about the building’s insurance too.

As a leasehold purchase solicitor, we will also clearly outline the consequences of the current lease duration. This will include any potential issue with securing a mortgage or selling the property in the future. We will also provide guidance on the process and costs involved in a lease extension if necessary.

It is also the role of the leasehold purchase solicitor to complete all title investigations. This means confirming that the titles for the property are clear and free from undisclosed encumbrances or restrictions.

Here at Burgh Thorpe Solicitors in Peterborough we have worked as leasehold purchase lawyers for many of our clients. Every leasehold purchase is different, but this blog post gives you an overall view of what happens when you instruct a leasehold purchase solicitor to work on your property.