Over the 9 years, we’ve been serving the people of Selby, we’ve helped hundreds of clients take their first steps onto the property ladder.
Our experience means we know just how exciting, terrifying, inspiring, and overwhelming the whole process can be.
Some people are excited about moving out of rented, shared accommodation, or parents’ homes.
Others are anxious about the amount of responsibility, paperwork, and money this move involves.
We are here to guide and support you throughout the ups and downs of your home buying journey.
We aim to ensure you have the right guidance and support to help you make the best decision for you and your future.
After reading this, you may find it beneficial to have a no-obligation, confidential chat with us about your situation.
Thank you for your time, and please get in touch with us if you have any questions whatsoever.
Director
JP Harll
When selling a leasehold home, it’s important to remember the difference between this type of property and a freehold one.
Buying a freehold property means you own the building and the land it’s on. In layperson’s terms, you own it outright – forever.
Buying a leasehold property means you own only the building (not the land it’s on) and only for a set period. Essentially, the land is being leased to you for a contractually agreed number of years.
When the lease finishes, the property will belong to the landowner (the freeholder) unless you have extended the lease.
There’s no getting away from the fact that some buyers are put off a leasehold home. But they needn’t be. After all, you weren’t.
That’s because most leases are long term, ranging from 99, 125 or 999 years. And leases can often be extended if they have dwindled down.
Other differences when selling a leasehold compared to a freehold are some of the forms you have to complete. For example, you’ll need to provide a TA7 Leasehold Information Form. Within it, you’ll need to provide information regarding the lease of your home.
It covers things including how the property is managed and by whom, information about ground rent, service charges, notices and several other aspects.
Top Tip: Choosing an excellent solicitor is vital when selling a leasehold due to the
A good property solicitor is vital to have on your team when buying a home.
But when you buy a leasehold property, the importance of choosing the best solicitor increases. This is due to the maze of legalities that must be navigated.
Below are six tips on choosing a legal eagle.
Ask your family and friends for recommendations of solicitors they have used recently – especially when buying a leasehold property.
Any good estate agent can recommend good local solicitors BUT always ask if they are incentivised to put forward certain firms. The best agents often aren’t working on a referral fee and refer simply because they know the solicitors deliver good service.
When researching solicitors, explain your situation and request a fixed fee in writing that includes any other costs you may reasonably incur, such as legal searches, etc.
Double-check that any solicitor you are considering is a member of the Law Society of England and Wales.
Remember that cheap is often not cheerful when it comes to solicitors. Some online property law firms (not all, in fairness) offer attention-grabbing low fees but can often leave clients feeling frustrated and out of pocket.
The most critical question to ask any prospective solicitor is this: “How much experience do you have dealing with leasehold property sales?”. They must have plenty of experience in this area of property law.
We use a seven-step process when it comes to successfully selling homes like yours.
For this guide we’ve scaled it down, but we would be very happy to talk it through with you in more detail.
The first thing we do during the initial contact is listen and learn what your situation is. Why are you selling? Do you need to move by a fixed time? What inspired you to buy the property? With a leasehold property, we will ask several more questions, such as how long is left on the lease? Who is the freeholder/landlord, and is your paperwork in order?
We then provide a valuation based on comparable evidence of what properties like yours are currently selling for. We take the length of the lease into account when working out a valuation.
We will create a marketing plan to showcase your home. This includes detailed floorplans, eye-catching photography, a social media strategy, propertyportal advertising, and proactively approaching potential buyers seeking properties like yours.
We will arrange and accompany the viewings, leaving you to get on with your life.
We will handle all offers received on your property. At this point, our negotiation skills and local property market experience come into play, as we will advise you on any offers received.
Accepting an offer is a great step to a successful sale, but there’s still work to do. We liaise with all parties involved in the sale to make sure any hurdles are overcome and to keep your sale progressing to the finish line.
Our job isn’t done until your property is sold and you’re happy. This approach has helped us gain many testimonials from delighted clients, which we are happy to share with you.
I’ve owned my apartment for five years, and my lease now has 82 years left to run. What should I do?
Ideally, speak with a solicitor now to see what your options to extend the lease are (we can recommend legal professionals we work with).
This is because when a lease is below 80 years, the costs of rectifying the problem by extending the lease increase dramatically.
What does it cost to extend the lease on my property?
Each situation is different, but if the lease is under 80 years, something called ‘marriage value’ will be added. When calculating the marriage value, your valuer and the landlord’s valuer will use local knowledge and experience to assess the increase in the value of the property that a new lease creates.
My freeholder/landlord cannot be found; what can I do?
The legal phrase for this situation is that you have an ‘absent landlord’.
There are processes you can go through to confirm your landlord cannot be found or is unresponsive to your enquiries.
Options available to you when selling include buying an absent landlord indemnity policy. An experienced solicitor will be able to advise you accordingly on what to do.
What are the most common leasehold-related questions buyers may ask about my property?
There are usually six main ones. They are below in order of popularity:
1. What is the length of the lease?
2. How much are the service charges?
3. How much is the building insurance?
4. How much is the ground rent?
5. At what intervals does the ground rent increase, and by how much?
6. Have you been advised of any major work planned on the building/development?
I’m worried about selling my leasehold property
Don’t be. Hundreds of thousands of leasehold homes sell every year, and there’s no reason your property can’t be one of them when you receive professional guidance and expert advice. There are often plenty more questions potential sellers (and buyers) ask, so feel free to give us a call.
Below is an 11-point checklist to help you prepare for your property sale.
When you’ve decided it’s time to put your property on the market, contact at least three estate agents for valuations. Check if the prices they provide seem realistic by doing some research online.
Don’t just choose the agent with the highest valuation or cheapest fee. This is often a false economy.
Be sure to instruct a conveyancing solicitor immediately before you go onto the market to handle the legalities of your sale.
Start getting rid of the furniture and things you don’t want to take with you. Charity shops, home clearance, and auction houses can help with your clear-out.
Get ahead with packing. Even though you may not have a move date yet, it’s worthwhile boxing up items you don’t use much, ready to move into your new property.
When you’ve accepted an offer and agreed a completion date, get quotes from three different removal companies. Look for ones that come recommended and which are fully insured.
Start finishing the food in your freezer ahead of moving day.
Let your bank, utility companies, and insurance providers know and arrange to have mail redirected.
Get quotes for insurance on your new property starting from the date you complete on the property purchase.
The day before the move, create an essentials box with any items you might need quickly. Kettles, cups, and tea and coffee always come in handy.
On the day of the move, take any important items or documents with you, such as medicines, passports, wallet/purse, keys, and glasses.
JP Harll in association with
