Taking your first step on the property ladder can be extremely stressful, as well as exciting. Although solicitor’s fees can seem like more…
Leaseholds + new builds
Our residential conveyancing solicitors in Bristol and South Gloucestershire have a wealth of experience in helping clients buy new build and leasehold properties.
Buying a new build property
Buying a new build is more complex than that of an existing property.
When purchasing a new build property, you’re often expected to exchange contracts within 28 days. If you’re selecting your home off plan, this may mean committing to the purchase before the property has been built and without actually having seen the home you’re buying.
It’s really important to instruct a specialist conveyancing solicitor as soon as your property is reserved. Our experienced new build lawyers will talk you through the house buying process and make you aware of the potential pitfalls of buying new build properties off plan.
We can also advise you on contract terms for exchange, Land Registry requirements and arrangements for checking new builds prior to completion.
Buying a leasehold property
When you buy a leasehold flat, you’re actually buying the right to occupy that property for the fixed term of the lease. You don’t own the land that your property is built on; this remains within the landlord’s ownership.
If I buy a leasehold property, what do I actually own?
Buying a leasehold property is the same as buying a freehold property, with the additional aspects of a lease between you and the landlord.
The lease is a legal contract. It outlines the responsibilities of the landlord to manage, maintain and repair the building structure, common areas and exterior. It also details your obligations as the purchaser, including information relating to payment of ground rent and service charges.
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You can also find a range of helpful factsheets on our downloads page.
A simple guide to buying leasehold
If you're buying a leasehold property, make sure you understand your additional responsibilities as a leaseholder.