I am told that my conveyancing solicitors will need to check that the building insurance for my purchase of a house in Beddington. My lender is Platform

Platform have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 29/10/2024, the requirements read as follows :

I am looking for a flat up to £245,000 and identified one near me in Beddington I like with open areas and station in the vicinity, the downside is that it only has 49 remaining years left on the lease. I can't really find anything else in Beddington in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?

If you require a mortgage the remaining unexpired lease term may be an issue. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least 2 years you may ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.

I'm converting the mortgage on my primary home to a buy to let mortgage with Nottingham Building Society and I will use the rest of the raised equity as a deposit on further house. The neighborhood we are talking about is Beddington. Will your lawyers be able to act for the two mortgage companies and link together the conveyances?

Make use of our comparison tool on this page to be sure that the conveyancers are approved by both lenders. Assuming that they are the conveyancer should be able to simultaneously deal with the two transactions but you should have a chat with you conveyancer and specify your desired outcome and requirements.

I am tempted by the attractive purchase price for a two apartments in Beddington which have approximately forty five years remaining on the leases. Will this present a problem?

There is no doubt about it. A leasehold apartment in Beddington is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. The majority of buyers and banks, leases with under 75 years become less and less attractive. On a more positive 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 property 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 Beddington conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 any new 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 have given up seeking a lease extension in Beddington. Can this matter be resolved via the Leasehold Valuation Tribunal?

Most certainly. We can put you in touch with a Beddington conveyancing firm who can help.

An example of a Lease Extension decision for a Beddington property is Ground Floor Flat 14 Lodge Road in October 2013. the tribunal held that the price payable for the acquisition of the extended lease of the property should be £12,590 .00 This case related to 1 flat. The unexpired term as at the valuation date was 69.46 years.

Should I stop the direct debit for my mortgage with Coventry BS once a completion date for my sale in Beddington has been set?

You are best advised to keep meeting any mortgage payments to Coventry BS until the mortgage is repaid from the proceeds of sale as part of your Beddington conveyancing.