With the increase in online resources like price comparison websites available to buyers and sellers of properties, the cost of conveyancing has become more competitive in recent years. However, one area where you’ll still find solicitor fees for selling a house are higher is when it comes to leasehold properties.
Why should this be?
Essentially, the sale process is more complex and therefore the solicitor or conveyancer’s job is that bit more complicated too. There are also a few additional steps necessary, so there’s more billable work for your conveyancing solicitors. One area where this is the case is in regards to the lease. The seller must fill in a specific form about the lease and its terms, in addition to the numerous ones that are routinely completed for freehold properties. The conveyancers for both the buyer and the seller must review a full copy of the lease to ensure it meets with any mortgage lender’s requirements, for instance.
Additional conveyancing fees are also charged for making contact with the freeholder and establishing what responsibilities they have in terms of property maintenance; whether a service charge is payable; and the details of their buildings insurance policy. All this is essential in drawing up the contract for the prospective buyer, to ensure they are fully informed and there will be no hidden surprises further down the line. The freeholder may also be required under the terms of the lease to give consent to the sale – without this, the sale may be deemed invalid at a later date.
It’s well worth being aware of the additional responsibilities involved when considering the sale of a leasehold property, when it comes to comparing quotes for solicitor fees for selling a house, make sure you take into account any mentioned specific expertise in the sale of leasehold properties: always better safe than sorry.