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Conveyancing Quotation - For the sale of your property
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What does Leasehold mean?
Leasehold means that somebody else has title to the land and that you will therefore have to pay a ground rent and possibly also a service charge to the freeholder (owner of the freehold title). It is normally possible to buy the freehold title at a later date as a separate purchase transaction.
It therefore follows that the valuation of two identical properties, one being leasehold and the other freehold, would result in a lower value being applied to the leasehold property.
It is important to check the length of time remaining on the lease (Commonly the leases would have been originally issued with a 99 year life span). If not much time is remaining on the lease it may be difficult to obtain a mortgage, unless the freehold can also be purchased subsequently.
Is local best?
OK, so it's time to sell and / or purchase a property, and you need to choose a solicitor to undertake your conveyancing. The big question is: do you find a local solicitor, with a local office or do you use a national solicitor?
The obvious advantage to using a local solicitor is that you can meet face to face, but that's just about where the advantages end. There are no aspects to conveyancing that require you to be physically present during the process. Documents can be signed then faxed or put in the post. All other communication can be done by telephone or email. Most national conveyancers provide excellent case tracking facilities, and will keep you up-to-date with progress. The national conveyancers are highly experienced, and will usually cost far less than using a local firm.