Leasehold conveyancing
Most London flats are leasehold, and the lease itself is where the risk sits — not the building.
You are buying a right to occupy for a fixed term rather than the property outright. That means your solicitor is reviewing a legal document that governs what you can do, what you pay, and what the property will be worth when you come to sell. Leasehold transactions also depend on third parties — the freeholder and the managing agent — who are not party to your sale and have no incentive to move quickly.
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Lease length is the thing that matters most
A short lease affects both what you can borrow and what the property is worth. Lenders set their own minimum unexpired terms and many will decline where the remaining term is short relative to the mortgage. Your broker and solicitor should be talking to each other about this early, because discovering it late can collapse a purchase.
Extending a lease becomes materially more expensive once the unexpired term falls below 80 years, because an additional element known as marriage value enters the calculation. If the lease is anywhere near that threshold, the time to address it is before exchange — sometimes by asking the seller to begin the extension so it can be assigned to you.
The management pack and why it causes delays
Your solicitor requests a pack from the freeholder or managing agent covering service charge accounts, planned major works, building insurance, and any disputes. This is routinely the slowest part of a leasehold transaction, and the fee for it is set by the managing agent rather than your solicitor.
Planned major works matter commercially, not just legally. If a significant bill is coming, the question of who pays is negotiable between you and the seller — but only if it is identified before exchange.
Ground rent, service charges and building safety
Your solicitor should confirm the ground rent and how it escalates. Historic leases with rapidly doubling ground rents caused real problems for both saleability and lending, and reform has changed the landscape for newer leases. What matters is what your specific lease says.
For flats in taller buildings, building safety requirements introduced after Grenfell can affect both lending and saleability, and the documentation involved can take time to obtain. If the building is affected, expect the transaction to take longer.
What to watch for
- !Managing agent pack delays are the single most common cause of a slow leasehold transaction
- !Notice of transfer and notice of charge fees are payable to the freeholder on completion and are often overlooked in budgeting
- !A deed of covenant or licence to assign may be required, adding time and cost
- !Short leases can restrict which lenders will consider the property at all
Common questions
How long does leasehold conveyancing take?
Longer than freehold, and the difference is almost entirely down to the freeholder and managing agent rather than your solicitor. The management pack is the usual bottleneck. A good conveyancer orders it at the earliest possible point rather than waiting for searches to come back first.
Why is leasehold conveyancing more expensive than freehold?
There is genuinely more work — reviewing the lease, raising enquiries on it, dealing with the freeholder and managing agent, and serving the required notices after completion. There are also third-party fees, such as the management pack and notice fees, which are disbursements rather than your solicitor’s charge. Make sure any quote you compare separates the two.
What lease length do I need for a mortgage?
It varies by lender, and it is assessed against the mortgage term rather than as a flat number. As a general principle, the shorter the lease the fewer lenders will consider it and the more the valuation is affected. If the lease is short, speak to a broker before you offer, not after.
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Compare conveyancing quotes →This page explains the general conveyancing process and is not legal advice. Your own circumstances, lease or contract may differ — rely on the advice of your appointed conveyancer.