Eighteen months ago I was purchasing a flat with a 90-year lease.
As I am in my 70s I thought that will see me out but no before I had exchanged contracts a solicitor wrote to me informing me that I had to have a new 99 year lease why?
Also to be paid upfront and if my sale fell through, tough I lose my money as neither the local solicitor or the estate agents seemed to know anything. Now if I sell my car second hand the buyer expects it to come in a drivable condition, if I said well it needs a new engine it would be pretty clear that the onus would be on myself to do the necessary repairs but not anymore with property it seems.
I now have a property I would like to purchase but I am told it will cost me £8,000 for a new lease I admit that the lease is short but the vendor is responsible for this not the purchaser, I checked with a London solicitor who confirmed what I have just stated.
Also I ran a London agency and when a property needed a new lease it was never given out until completion day and the vendor paid.
I hope there is someone in Bexhill who can throw some much-needed light on this as the only people who benefit from this are the agents and conveyancing companies.
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