I've found a house that appears to meet my requirements, at a reasonable figure which is making it more attractive. I have since found out that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a leasehold house in Bridlington. Conveyancing lawyers have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Bridlington ?

Most houses in Bridlington are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are buying in Bridlington so you should seriously consider shopping around for a Bridlington conveyancing solicitor and check that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the freeholder’spermission to carry out changes to the property. You may also be required to pay a contribution towards the upkeep of the communal areas where the property is part of an estate. Your lawyer will report to you on the legal implications.

I am attracted to a two apartments in Bridlington both have approximately forty five years remaining on the leases. should I be concerned?

There are no two ways about it. A leasehold flat in Bridlington is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the salability of the property. For most purchasers and lenders, leases with less than eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Bridlington conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

I am a negotiator for a reputable estate agency in Bridlington where we see a number of leasehold sales jeopardised as a result of short leases. I have been given conflicting advice from local Bridlington conveyancing firms. Could you shed some light as to whether the owner of a flat can instigate the lease extension formalities for the buyer?

As long as the seller has owned the lease 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 wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as 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 buyer.

What are your top tips when it comes to choosing a Bridlington conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a solicitor for lease extension works (regardless if they are a Bridlington conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with two or three firms including non Bridlington conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be of use:

• If the firm is not ALEP accredited then what is the reason?
• Can they put you in touch with client in Bridlington who can give a testimonial?

If all goes to plan we aim to complete our sale of a £ 125000 apartment in Bridlington next Tuesday . The management company has quoted £<Macro 'feeRangeWithVAT'> for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in Bridlington?

Bridlington conveyancing on leasehold flats normally involves the purchaser’s lawyer sending questions for the landlord to address. Although the landlord is not legally bound to respond to these enquiries the majority will be content to assist. They may charge a reasonable administration fee for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is £350, in some transactions it is in excess of £800. The management information fee required by the landlord must be accompanied by a synopsis of entitlements and obligations in respect of administration fees, otherwise the invoice is not strictly payable. In reality you have no option but to pay whatever is demanded should you wish to complete the sale of your home.

I invested in buying a studio flat in Bridlington, conveyancing having been completed in 2004. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Bridlington with over 90 years remaining are worth £186,000. The average or mid-range amount of ground rent is £55 levied per year. The lease comes to an end on 21st October 2082

With just 56 years unexpired we estimate the price of your lease extension to span between £23,800 and £27,400 as well as professional fees.

The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.