Freehold transactions tend to move quite quickly. Once the results of searches have been obtained, the buyer’s solicitors will raise their pre-contractual enquiries for the attention of the seller and their solicitors. Once these are resolved, the parties can move quickly onto exchange and completion.
Delays in freehold transactions are rare and often attributed to related transactions at earlier stages.
In comparison, delays in leasehold transactions are more common. This is due to the third parties who are interested in the transaction. Much like with freehold, the buyer’s solicitors will raise their pre-contractual enquiries. However, these will not solely be for the attention of the seller and their solicitors. Rather, additional enquiries will be for the attention of the landlord and/or any managing agent.
These enquiries are extensive and range from anticipated major works to matters introduced by recent legislation following the Grenfell disaster. From the perspective of the buyer, it is vital that these enquiries are asked to ensure the safety of the building and avoid any nasty surprises in the future. From the perspective of the seller, it is vital that replies to these enquiries are obtained from the landlord and/or managing agent directly as the buyer will place reliance upon them. The seller will not be held responsible for any inaccurate or misleading information given by third parties.
Delays arise in leasehold transactions in obtaining these replies. Unfortunately, major companies which handle building management tend to be particularly slow at responding. Some enquiries will need to be referred internally to specific departments; others will require further investigation. All of this takes time. Much of the seller’s solicitors time will be spent chasing for satisfactory responses. However, there is no guarantee that the landlord/managing agent will treat your matter with the urgency it demands. They are not obliged to assist with enquiries in a timely manner. Furthermore, the buyer’s solicitors may identify discrepancies which will need to be rectified by obtaining a deed of variation. For instance, the lease may be too short to be marketable in the future or lack a mortgage protection clause. The landlord will need to instruct solicitors, a draft deed of variation will need to be prepared and scrutinised, and any amendments will need to be negotiated.
Ultimately, as your property solicitors, we shall always endeavour to ensure your transaction progresses as quickly and smoothly as possible. However, it is important that your expectations are managed.
If you have any questions about leasehold or any other property matters, please do not hesitate to contact us by telephone at
01268 649033 (Benfleet) or
01245 205800 (Chelmsford),
or by emailing us at [email protected].
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