Russell Hewitson

If you own a leasehold flat, your property can become harder to sell, more difficult to mortgage, and less valuable overall as the term of your lease grows shorter. One of the most important steps you can take to protect and enhance the value of your property is to extend the term of your lease.This guide provides an overview of the lease extension process, from understanding why it matters, to navigating the legal procedures, understanding costs, and completing the transaction.Whether you are considering a formal statutory lease extension under the Leasehold Reform, Housing and Urban Development Act 1993 (referred to as ‘the 1993 Act’ in this guide) or exploring an informal agreement directly with your landlord, this guide will help you make informed decisions at every stage.1Understanding leasehold ownership1.1A right to occupy for a fixed termWhen you own a leasehold property, you own the right to occupy and use that property for a fixed period of time, known as the ‘term’ of the lease. Outright ownership—the freehold—of

This Precedent key undertaking is for use in residential property conveyancing transactions where the buyer will be permitted to carry out some works to the property in the period between exchange and completion.

This Precedent letter is to be used for a declaration of gifted deposit for a proposed purchase of residential property in situations where the deposit is gifted by a family member, who declares that they will have no interest in the property and the deposit is gifted free from conditions.

This Precedent report on title is for use on the acquisition of freehold residential property.

[Insert names and address of client]Date [insert date]Dear [insert name]Re: Proposed purchase of [insert address of property]You have instructed us in connection with the purchase of the above leasehold [flat OR house].This letter is intended to provide you with an outline of:•the difference between freehold and leasehold ownership•how the conveyancing process differs for leasehold properties, and•the key financial issues relating to leasehold ownership which you should be aware of before proceeding with your purchaseIt is not intended to be a detailed report on your particular property purchase; we will provide this closer to exchange of contracts.Leasehold and freehold ownershipFreehold ownership of land gives owners greater control of their property. Freehold owners are generally free to deal with their properties as they see fit—for example, in terms of carrying out alterations to the property or letting it out on a long or short-term basis. In addition, the property remains theirs until such time as it is sold or transferred to someone else.There may be some burdens attached to a freehold

[Insert names and address of client]Date [insert date]Dear [insert name]Re: Proposed purchase of [insert address of property]You have instructed us in connection with the purchase of the above leasehold flat.We understand that the flat is located within a multi-storey residential building which is likely to fall within the building safety regime set out in the Building Safety Act 2022 (referred to as ‘BSA 2022’ in this letter).This letter is intended to provide you with an outline of the key issues arising under BSA 2022 which you should be aware of before proceeding with your purchase and how they will affect the conveyancing process. It is not intended to be a report on your particular property purchase and does not address other issues relevant to a leasehold purchase (such as service charges and repair generally) which we will advise on separately.Background to BSA 2022BSA 2022 applies to certain high-rise residential buildings and is intended to improve building safety and to protect

This Precedent provides a comprehensive overview of the steps involved in selling a residential property. It covers the entire process from the acceptance of an offer to the completion of the transaction and is intended to be provided to the seller of a residential property at the outset, as a simple explanation of the steps involved in a residential sale and purchase.

This Precedent is for a common law tenancy of residential premises in England. It is aimed at a situation where a tenancy of residential premises, which does not fall within any of the statutory security of tenure regimes, is granted to one or more individuals.

This Checklist sets out the steps that a solicitor should take when acting for a buyer acquiring a registered freehold residential property.

This Checklist sets out the steps that a solicitor should take when acting for a seller of a registered freehold residential property.