Guaranteed fixed fees for Leasehold Conveyancing in Bridlington

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Questions and Answers: Bridlington leasehold conveyancing

I am on look out for some leasehold conveyancing in Bridlington. Before diving in I require certainty as to the remaining lease term.

Assuming the lease is recorded at the land registry - and almost all are in Bridlington - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

Due to complete next month on a leasehold property in Bridlington. Conveyancing lawyers assured me that they are sending me a report on Monday. What should I be looking out for?

Your report on title for your leasehold conveyancing in Bridlington should include some of the following:

  • You should be sent a copy of the lease
  • Setting out your rights in respect of the communal areas in the block.E.G., does the lease provide for a right of way over an accessway or staircase?
  • You should have a good understanding of the insurance provisions
  • Changes to the flat (alterations and additions)
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?
  • Responsibility for repairing the window frames For a comprehensive list of information to be included in your report on your leasehold property in Bridlington please enquire of your conveyancer in ahead of your conveyancing in Bridlington

  • I have just appointed agents to market my basement flat in Bridlington.Conveyancing solicitors are to be appointed soon but I have just had a yearly service charge demand – what should I do?

    Your conveyancing lawyer is likely to suggest that you should discharge the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.

    I am a negotiator for a busy estate agent office in Bridlington where we have witnessed a number of leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have been given contradictory information from local Bridlington conveyancing solicitors. Could you confirm whether the seller of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?

    Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.

    An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.

    What makes a Bridlington lease problematic?

    Leasehold conveyancing in Bridlington is not unique. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain sections are missing. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain parts of the premises
    • Insurance obligations
    • A provision for the recovery of money spent for the benefit of another party.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You will have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Leeds Building Society, and Bank of Ireland all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the buyer to pull out.

    I am the registered owner of a ground floor flat in Bridlington, conveyancing was carried out 2000. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Bridlington with an extended lease are worth £261,000. The ground rent is £50 per annum. The lease expires on 21st October 2083

    With just 61 years unexpired the likely cost is going to be between £19,000 and £22,000 plus costs.

    The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Bridlington