What is the difference between a conveyancing Leasehold and a conveyancing freehold.
- August 17, 2015
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Leasehold transactions are more complicated than freehold as there are a number of additional issues which can go wrong. Whether the lease is short and needs to be extended. Whether there are arrears of service charges Etc; whether there are major works which the buyer will become liable for, various notices, if any covenants (obligations have been breached); whether the buyer purchases with a full set of rights, such as access. What does leasehold mean? Leasehold means the buyer will purchase a term of years left on the lease. The original lease gives the original terms of years when created. This can be 99 years, 125 years or 999 years. To know what years the buyer is purchasing they simply need to deduct the current date, from the original lease date. Work out the years, and then deduct this from the term of years fixed in the original lease.