It is hoped that with the introduction of an industry approved Leasehold Property Enquiry Form the conveyancing process for leasehold property will be speeded up. Launched on 10 October 2013, the standard questionnaire has been approved by the Law Society, Royal Institution of Chartered Surveyors, and all major trade bodies in the sector.
Leasehold Property Enquiry Form to speed up Conveyancing process
The process of leasehold conveyancing has historically been slower than that compared to freehold sales because of the varying requirements from both parties lawyers. Typically this has required a landlord or managing agent to deal with an alternative set of enquiries each time a leasehold property is sold. By creating a pre-approved set of enquiries, landlords and managing agents can prepare information prior to sale in the knowledge that both side’s conveyancers will accept it as well as satisfying the demands of any third party involvement such as banks etc.
This is good news for the commercial property market and should make acquiring and selling industrial units or office buildings that much easier.