Generally speaking these days if you own a flat and the remaining length of the lease is anything less than 75-80 years then you should consider extending the length of the lease. Indeed if at all possible you should extend it before the remaining term dips below 80 years since after that the cost of extending is likely to be higher.
Generally speaking these days when a developer builds a new housing development he will include in the conveyancing documents things known as “restrictive covenants”. Basically these are rules about how the property can be used. They remain binding on the property for ever and therefore do not just have to be complied with by the first people who buy the property but by all subsequent owners as well.
Since 1925 when the Land Registry was first established it has been trying to extend the number of properties and amount of land registered with the eventual aim of covering the entire country.
They are still working on it but these days, if it is not already registered at the Land Registry, whenever a property or land changes hands or any “legal” dealing takes place registration will be triggered.
When anyone decides they want to move or buy their first house, the exciting bit is searching through the online listings or estate agents details trying to find their ideal property, going round to have a look at it and deciding which bits of the decor or layout of the property they would never have chosen and would need to be changed immediately when they move in!
But there are some more boring and mundane tasks which everyone should also think about and which will help ease the process of selling and buying.
Anyone considering building a new property or extending their existing property needs to give consideration to the possible impact of their proposals on neighbouring properties, and the "right to light".
Britain’s decision to leave the European Union (EU) has already had a noticeable ripple-effect on the country’s housing market – and the future could hold numerous complications for homeowners and first-time buyers.
Last December, British homeowners tapped into a staggering combined property wealth of £837 million – marking the largest amount of equity withdrawal over the Christmas period in the last nine years. According to property experts, 2015’s historic low interest rates encouraged homeowners to remortgage on to a cheaper deal, with the average equity figure withdrawn via re-mortgaging per person sitting at a very healthy £30,361.