Purchasing a Leasehold Property

At Embrace Law, we understand that purchasing a home can be overwhelming. Our mission is to make the process as easy and stress-free as possible.

With our extensive expertise in Leasehold conveyancing and a comprehensive understanding of the legal complexities involved in purchasing a property, we're here to guide you every step of the way.

Your interests are our top priority. We provide support, advice, and proactive solutions to keep your sale purchase progressing smoothly.

Here’s a concise guide detailing the information we’ll need from you, current requirements, and some straightforward steps to ensure a seamless transaction:

1. Check your finances

Before beginning the process of finding a property and making an offer, it is important to consider your financial position and ensure you have the funding in place to cover all aspects of buying a home, including; Stamp Duty, Conveyancers fees, Mortgage Broker fees, Removals , Managing Agent fees (applicable to leasehold properties) and the Purchase price itself.

2. Research the Market

Research the arrears you want to live in and property prices. Once you are satisfied that you have found a property you wish to buy, arrange viewings to ensure you are making a wise investment. You should pay particular attention to the service charge and ground rent payable along with the length of the lease term remaining to ensure you are making an informed decision.

3. Negotiate a price

Once you are happy to make an offer, proceed to negotiate with the selling agent ensuring you are aware of any conditions imposed by the seller and whether there are other transactions in the chain which may affect how quickly you can complete.

4. Apply for your mortgage

If you require a mortgage to fund the purchase, it is important that you begin this process as early as possible. A Mortgage Broker can give you advice on the suitability of particular mortgages.

5. Instruct a Conveyancer

Engage a Conveyancer to manage the legal aspects of the Transaction. They will review the contract pack, handle legal enquiries, order searches and report to you in full on the property you intend to purchase and the contents of the registered lease. Review this report carefully to ensure all details are correct and address any questions or issues.

6. Instruct a Survey

Consult with a surveyor who will attend the property and prepare for you a report on the state and condition of the property. Review this carefully to ensure you are making a well informed decision.

7. Exchange Contracts

When both parties are satisfied, exchange contracts with the Seller. This makes the purchase legally binding, and a completion date is set.

8. Complete the Sale

On completion day, your Conveyancer will facilitate the funds transfer to the seller and you will be able to pick up your new keys, officially transferring ownership.

9. Inform Relevant Parties

Notify utility providers, local authorities, and other necessary parties about the change in ownership.

Throughout the process, maintaining clear communication with your estate agent and Conveyancer is vital for a smooth transaction.

Ready to get started? Contact us today, and let us help you achieve a successful sale!