Conveyancing: leases/apartments
If you are buying a flat, whether it be a new build or an apartment in an established development, the team of experienced residential property solicitors, legal executives and licensed conveyancers at Pannone can provide legal advice on the conveyancing process.
Property conveyancing can be extremely complicated. Contacting a solicitor with the necessary skills and expertise to advise you during the process is essential if you are hoping for a smooth, stress free transition between properties.
Our team of licensed conveyancers and residential property solicitors will provide legal advice and support at every stage of the conveyancing process. At our disposal, we have:
- the latest case management technology
- substantial experience of sub-selling properties and related tax implications
- extensive knowledge of conveyancing and the ability to ensure that the regulations
- applicable to new builds and the covenants entered into by developers are met
When buying or selling a flat, there are a number of financial and legal concerns that must be taken into account if the transaction is to prove successful. These include:
- reviewing the lease: Make sure you conduct a thorough review of the lease before you sign it. Consider the duration of the lease, whether you are prohibited from using your new apartment as a business premises, whether there is a limit to the number of people legally allowed to live in the flat and who is responsible for utilities. We will be able to advise you during this process, helping you negotiate appropriate terms should you disagree with stipulations made by the existing lease
- ground rent: Before you complete on a purchase, find out how much ground rent is charged on the property. Ground rent is charged by the owner of the land on which the property is built, and is typically paid annually as a lump sum
- service charge: The service charge is paid by all occupiers of a communal building such as an apartment block, and is intended to cover the cost of maintaining the common parts of the building
We can provide additional information about the legal processes surrounding the buying and selling of existing and new build apartments, and will also be able to highlight potential issues with stipulations made in the lease.
The process surrounding the buying and selling of new build property is similar to the buying and selling of existing property, yet there are additional elements, unique to new build transactions, and unique to apartments in particular, which must be taken into consideration.
For instance, in new-build, residential property transactions:
- a part is being sold: typically the developer owns the whole area of land or building, and is selling it in the form of apartments or housing plots
- it is the sale or purchase of new property, and there is therefore no chain
- the developer will sometimes adopt a slightly different conveyancing procedure for their own convenience
Conveyancing solicitors
To arrange a discussion with a conveyancing solicitor click here or call us on 0800 840 4929. We are available to take your call twenty four hours a day, seven days a week.
