New Build Leasehold Purchases
We routinely act for clients buying new build leasehold properties, including those being purchased under schemes such as Help to Buy and shared ownership. Our fixed fee solicitors are familiar with the complexities of new build conveyancing transactions. We will support you through the process, ensuring your best interests are protected.
For a free quote, call us on 0191 567 7244 and we’ll be happy to help you.
What is a leasehold property?
A leasehold is when you own the property but not the land it sits on. The land is owned by the freeholder. When you buy a leasehold, you sign a lease. This is the agreement between you (the homeowner) and the freeholder (also called the landlord). The lease says how long you can live in the property for.
It might also state other conditions, such as whether or not you can have pets.
All flats are leasehold.
In the past, new build houses were often sold as leaseholds. There are now rules against this, other than in exceptional circumstances.
Buying a new build leasehold property
When you buy a leasehold, your solicitor should always check the terms of the lease thoroughly before committing to the purchase. This is especially important when buying a new build.
The lease is new and has never been tested before. It is vital to check the terms to ensure the lease is appropriate and legally sound. Otherwise, you may agree to something which turns out to be problematic.
There may be ground rent, service charge or restrictive covenants that you were not aware of.
Our new build conveyancing solicitors
Our fixed fee solicitors have extensive experience in new build conveyancing. We are fully aware of the issues and unique challenges that accompany these transactions. As your solicitors, we take care to ensure your position is protected. We are meticulous in our approach and will advise you about anything untoward, such as the lease terms and restrictive covenants.
We will also check that the property complies with planning regulations, that access roads are in place and that the property is connected to utilities and sewerage.
Ready to act
Buying a new build property comes with the added complication of liaising with the developer. You typically have to exchange contracts within a tight timeframe. If the building is not yet complete, then the completion date is unknown.
Once the property is ready, the developer serves a notice to complete, which often means completing within 10 days. We proactively work on your file, making sure we can meet these deadlines.
Fixed fee conveyancing solicitors
If you have paid a reservation fee on a new build leasehold property, waste no time in contacting our solicitors for a free quote. We act on a fixed fee basis. This starts with a free initial consultation. Simply contact us to discuss your property purchase. Afterwards, we provide a fixed fee quote with no hidden charges. That way, you can keep an eye on your budget, confident in the knowledge that there will be no extra expenses further down the line.