Problem Property
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CQS Purchase of a Leasehold Policy
The Law Society’s Conveyancing Quality Scheme (CQS) establishes key management standards for leasehold property transactions, focusing on financial implications, ground rents, marketability, extended mortgage terms, management information, referrals, and building safety procedures. Comprehensive reporting ensures clients are well-informed about lease liabilities and obligations prior to exchange.
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Inadequate Leasehold Reports on Title: What the SRA Found
The Solicitors Regulation Authority’s review revealed that 23% of conveyancing firms inadequately advise leasehold homebuyers, often assuming clients understand the differences between freehold and leasehold. This has led to referrals of six firms for disciplinary action. Campaigners stress the need for accountability and compensation for affected leaseholders.