Compare quotes from conveyancing solicitors servicing Streetly

AgentQuote.co.uk helps you compare Streetly conveyancing quotes from property solicitors servicing the Streetly area. We hope you find the service helpful. We search for quotes from Streetly solicitors and conveyancers servicing the Streetly area.

What does Leasehold mean?

Leasehold means that somebody else has title to the land and that you will therefore have to pay a ground rent and possibly also a service charge to the freeholder (owner of the freehold title). It is normally possible to buy the freehold title at a later date as a separate purchase transaction.

It therefore follows that the valuation of two identical properties, one being leasehold and the other freehold, would result in a lower value being applied to the leasehold property.

It is important to check the length of time remaining on the lease (Commonly the leases would have been originally issued with a 99 year life span). If not much time is remaining on the lease it may be difficult to obtain a mortgage, unless the freehold can also be purchased subsequently.

Who does the Conveyancing?

Under UK law, property conveyancing must be done by either a property solicitor or licensed conveyancer.

One solicitor cannot act for both parties, as this could cause a conflict of interest. The buyer and seller must therefore have their own separate legal representation.