How is the conveyance process done on leasehold property?

What is conveyance process?

Conveyance process is the transferring of a title of a legal property from one person to another.

The very thing that is vital when going through a conveyance process on leasehold property is getting to know how much time has remained on the lease, hence that is the very first thing your solicitor should do. Your solicitor should check on every restriction or conditions set out in the lease agreement, which may include the restriction to make any developments on the property. If you don’t read through well with your solicitor and get to understand the process you will end up in the leasehold scandal one way or the other because you will find it hard to comply with imposed restrictions put forward by the landlord.

The cost of the conveyance process on leasehold property.

The very unavoidable truth about this whole process is that it is a bit pricy but really worth it. The whole process will involve your solicitor coming in terms with the landlord and detailing all the costs that will be involved in the process before the transfer of the lease from the freeholder to you.

A freeholder commonly needs to sign a deed of covenant with the landlord which is basically a contract that states that you will comply with all service charge payments, inclusive of maintenance and general repairs. This deed is regarded as part of the landlords demands that the solicitor will present to you which means you will have to pay.

What to keep in mind.

What you should keep in mind is that this is this process is quite pricy but it is a sure one just to avoid ending up in leasehold scandal as a result of not being in good terms with the freeholder or the landlord

You should also take time to read through the lease agreement even if the solicitor is doing it on your behalf.