Report comment

The Daily Mail today printed the following:

"With regard to the leasehold scandal on newly built homes, how was this not spotted by the solicitor and mortgage lenders?"

On behalf of the Bold Legal Group I responded as follows:

“Most (if not all) solicitors and conveyancers would have ‘spotted’ the rent increase clause in a lease and would have pointed it out to their buying client and any mortgage provider, along with a lot of other important issues. The sad fact is that in many cases, their buying client will not read or act upon the advice given. Most buyers will want to proceed, understandably, with their purchase as quickly as possible, head down and with rose tinted glasses on. Solicitors are not valuers, estate agents, or mortgage providers, their clients can calculate as easily or as difficultly as they can as to what the future rent might be.

This issue raises the bigger issue of home buyers not fully appreciating what their conveyancer or solicitor is doing for them, protecting their best interests. The moral of the tale is, when your solicitor sends you something to read, read it, and if you don’t understand it, talk to them. If they can’t provide the further advice you then need they will advise you who can.

Having said the above, I accept if the rent increase clause was not ‘spotted’ and highlighted, the solicitor/conveyancer in question may be at fault.”