This course is aimed at conveyancers/secretaries who may be nervous when dealing with leasehold properties and wish to develop their knowledge as to what they should be doing in practice when acting for either a seller or a buyer. The course will provide practical guidance in relation to the documents which need to be sent when acting for a seller. It will explain what a seller and estate agent should be told when a sale is agreed in order to manage expectations as to time scale and how the sale of a leasehold property can cause delays throughout the chain. The course also considers what a buyer should be told and the potential pitfalls of buying a leasehold property.
The course covers:
Differences between freehold and leasehold
History of leasehold
Why have leasehold?
Common terms/conditions in a lease
Role of managing agents
Role of freeholders
LPE1 leasehold information pack – service charge accounts
What happens on completion of the purchase of a leasehold property? Comparison with the procedure on the purchase of a freehold property
The present position: Law Commission review; Government consultations; provision of up-front information
Where next with leasehold? Impact of doubling ground rents, section 8 of the Housing Act
Leasehold v commonhold
What should clients be told throughout the transaction?