Leasehold properties are owned for a set period under a lease agreement, and lease extensions allow the leaseholder to extend their ownership rights beyond the original term. Buying or selling leasehold property involves understanding the rights and responsibilities outlined in the lease.

Leaseholders with leases nearing expiration may need to extend their lease to maintain property value, while buyers of leasehold property must understand the terms of the existing lease.

Lease extensions and leasehold purchases can take several months due to the negotiation of terms and the need for freeholder approval.

Lawyers assist leaseholders in negotiating lease extensions, ensuring that the new lease terms are fair and protect the leaseholder’s interests. They also handle the conveyancing process for buying or selling leasehold properties, reviewing the lease agreement to identify any restrictions or obligations, such as service charges or ground rent. Legal professionals also advise on the rights of the leaseholder, such as the right to extend the lease or purchase the freehold, and ensure that all legal documents are properly registered with the Land Registry.