Frequently asked questions relating to Bridlington leasehold conveyancing
I am on look out for some leasehold conveyancing in Bridlington. Before diving in I want to be sure as to the number of years remaining on the lease.
If the lease is registered - 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 sign contracts shortly on a basement flat in Bridlington. Conveyancing solicitors inform me that they are sending me a report within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in Bridlington should include some of the following:
- The unexpired lease term You should be advised as what happens when the lease expires, and informed of the importance of not letting the lease term falling below eighty years
I am attracted to a couple of maisonettes in Bridlington both have in the region of 50 years unexpired on the leases. should I be concerned?
A lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease gets shorter the value of the lease deteriorate and it becomes more costly to extend the lease. This is why it is often a good idea to extend the lease term. It is often difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We recommend you get professional help from a conveyancer and surveyor with experience in this field
I work for a reputable estate agency in Bridlington where we have witnessed a few leasehold sales derailed due to short leases. I have been given conflicting advice from local Bridlington conveyancing solicitors. Could you confirm whether the owner of a flat can instigate the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to 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 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 purchaser.
What makes a Bridlington lease defective?
There is nothing unique about leasehold conveyancing in Bridlington. All leases are individual and drafting errors can sometimes mean that certain sections are not included. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the building
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
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. Santander, Virgin Money, and Britannia all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the purchaser to pull out.
I bought a studio flat in Bridlington, conveyancing having been completed in 2010. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Bridlington with an extended lease are worth £215,000. The ground rent is £60 yearly. The lease terminates on 21st October 2080
With just 57 years left to run the likely cost is going to be between £23,800 and £27,400 as well as costs.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use the figures 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 placing reliance on this information without first getting professional advice.