A new legal process aimed at speeding up the time it takes to sell or purchase a leasehold property comes into effect today.
Owners of leasehold properties - typically apartments – often have to wait weeks even months for the enquiries into the property to be completed.
The new process will speed up this process by taking 5-10 days off a typical leasehold transaction and has been made possible by agreeing a standard set of inquiries for leasehold properties which cover the inquiries made by the buyer’s and seller’s conveyancers.
Tom Bridge, managing partner of the Residential Conveyancing department at Stephensons Solicitors LLP, which handles hundreds of property transactions each month, welcomes the news.
Tom said: “This is positive news for buyers and sellers of leasehold properties. When our clients want to buy or sell a leasehold property, we must, as part of the process, seek information from the management company that controls the building. In many cases these companies charge unreasonable fees and take too long to respond to our enquiries.
“As conveyancers, we often see the frustration that buyers and sellers feel when it takes leasehold companies too long to process responses to enquiries, so anything which will speed up this process is to be applauded, particularly at a time when the government wants to help more people buy their own home and get the housing market moving.”
Stephensons has been helping people to move home for 35 years and undertakes all areas of residential conveyancing including purchases of all types of property, including right to buy purchases, sales, and re-mortgages. The firm is also offering a free basic Will with every Conveyancing instruction, subject to terms and conditions and 10% off fees for First Time Buyers.