Fixed-fee leasehold conveyancing in Bridlington:

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Bridlington leasehold conveyancing: Q and A’s

Having had my offer accepted I require leasehold conveyancing in Bridlington. Before I set the wheels in motion I would like to find out the remaining lease term.

If the lease is recorded at the land registry - and 99.9% 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.

I am intending to sublet my leasehold flat in Bridlington. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?

Some leases for properties in Bridlington do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to review references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.

There are only Sixty One years unexpired on my flat in Bridlington. I need to get lease extension but my freeholder is missing. What are my options?

If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. However, you will be required to demonstrate that you have used your best endeavours to track down the freeholder. On the whole a specialist should be helpful to carry out a search and to produce a report to be accepted by the court as evidence that the landlord can not be located. It is wise to seek advice from a solicitor in relation to devolving into the landlord’s disappearance and the application to the County Court overseeing Bridlington.

I am attracted to a two flats in Bridlington which have approximately 50 years unexpired on the lease term. Will this present a problem?

There is no doubt about it. A leasehold apartment in Bridlington is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the property. The majority of purchasers and banks, 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 premises 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 a residence 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 work for a reputable estate agent office in Bridlington where we see a number of leasehold sales put at risk as a result of leases having less than 80 years remaining. I have received conflicting advice from local Bridlington conveyancing solicitors. Can you shed some light as to whether the seller of a flat can start the lease extension process for the buyer?

As long as 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. This means that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.

Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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.

I inherited a leasehold flat in Bridlington, conveyancing having been completed in 2010. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Bridlington with a long lease are worth £255,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease expires on 21st October 2093

With just 70 years unexpired the likely cost is going to range between £13,300 and £15,400 as well as plus your own and the landlord's "reasonable" professional fees.

The figure above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.

Other Topics

Lease Extensions in Bridlington