Residential Real Estate
Residential Real Estate
Lease extensions and freehold purchases (also known as leasehold and collective enfranchisement)
We advise in relation to both voluntary and statutory lease extensions for tenants who wish to extend their leases or purchase their freehold collectively.
We also act for landlords in these processes and advise on the needful to ensure that everything necessary is undertaken to safeguard their interests.
We deal with the conveyancing aspects and service of the requisite notices and any litigious issues that may arise before the First Tier Tribunal or County Court.
The Leasehold and Freehold Reform Act 2024 has recently been implemented with the aim to creating a fair and more transparent system for leaseholders and freeholders alike.
It is important to be aware to seek legal advice upon receipt of any S.42 or S.45 notice as there are important deadlines which must be adhered to. In respect of a tenant, no earlier than 4 months and no later than 6 months after a Landlord serves his S.45 Notice, if the terms of the new lease have not been agreed and entered into, the tenant must issue proceedings out of the First Tier Tribunal. If this is not done, the S.42 Notice will be deemed withdrawn and the tenant will not be able to serve a further notice for a period of 12 months the date of deemed withdrawal.
If the terms of the new lease have been agreed (referred to as “the terms of acquisition”) but the new lease has not been completed, the tenant must issue proceedings out of the County Court no earlier than 2 months and no later than 4 months after the terms of acquisition have been agreed. Should that deadline be missed, once more it will be deemed that the S.42 Notice has been withdrawn and the tenant will not be able to serve a further S.42 notice for a period of 12 months.
Our residential conveyancing team also provides expert assistance in all aspects of your sale or purchase of freehold and leasehold properties.
Key stages of a residential transaction typically involves several critical steps, including:
1. Offer and Acceptance: This is where a buyer makes an offer on the property, and the seller accepts it.
2. Mortgage Approval: This is where a buyer secures a mortgage if financing is needed.
3. Legal Checks and Searches: This is where upon receipt of the legal pack, we will conduct property searches and checks to identify any issues.
4. Survey and Valuation: The property is surveyed and valued to ensure it is worth the purchase price.
5. Contracts Exchange: This is where the due diligence on the property has completed and both parties sign and exchange contracts, legally committing to the transaction.
6. Completion: This is where a buyer pays the remaining balance, and ownership of the property is transferred.
7. Post-Completion: This is where we will deal with the registration of the property and any lenders legal mortgage with the land registry and final administrative tasks are completed.
Each of these stages is crucial to ensure a smooth and legally sound transfer of property ownership.
A typical sale and purchase transaction usually takes 6 – 8 weeks from issue of Contracts to complete, however this may vary at times where there is a chain in the transaction, a delay in the issuing of a mortgage offer and unforeseen circumstances.