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Stuart J
Stuart J, Property Solicitor
Category: Property Law
Satisfied Customers: 27369
Experience:  Senior Partner at Berkson Wallace
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I would like some assistance regarding a rider to a contract

Customer Question

I would like some assistance regarding a rider to a contract and a deed of assignment
Submitted: 15 days ago.
Category: Property Law
Expert:  Stuart J replied 15 days ago.

Hello. My name is***** you for the question.

It is my pleasure to assist you today.

I have been in the legal profession, in High Street practice, for almost 30 years so I have wide range of experience in a great many different aspects of law.

Please bear with me and I will be online and off-line from time to time and therefore, may be delayed getting back to you.

Although I am shown as online, I may be dealing with other people, on the telephone, or typing.

Please be assured that you will receive an email once I have written a reply.

Just Answer is not a chat service, it’s an email reply board and therefore sometimes it will be minutes, sometimes it may be longer, even hours or overnight.

I apologise in advance if you suffer a delay.

Kind regards.

Expert:  Stuart J replied 15 days ago.

I am happy to help with this but will need all the background including -

is this private or business contract etc?

Customer: replied 15 days ago.
It’s regarding a sale of a leasehold flat
Customer: replied 15 days ago.
Does this rider have any implications for me
Expert:  Stuart J replied 15 days ago.

Does it have any implications for you? Yes, it means that you got to extend the lease and it’s going to cost you a big chunk of money.

A few signatures, you are not bothered about. But there’s a lot of paperwork to move around.

I assume that you have owned the building for 2 years.

The lease is presumably getting quite short now and there 2 ways that you can sell the property.

1 you can sell it as it is and let the buyer do whatever they like and you sell it at what price it’s valued at bearing in mind the lease needs extending. The buyer can extend it when they like.

2 Alternatively, you will get more money for it if you sell it with an extended lease which is what’s happening here. You don’t want to pay for the lease extension unless you are going to sell it which is what happens here, you don’t extend it unless the buyer buys it. You get more money for the property because it has the benefit of the lease extension but you have to pay for it.

To be frank, this is straightforward stuff which your solicitor should have explained to you

Expert:  Stuart J replied 15 days ago.

Hello again. If you don’t have any further questions, I will mark this question thread as complete for now, but don’t worry, the thread stays open if anything else crops up over the course of the next days weeks or months. I’m glad that I was able to help. Thank you for trusting Just Answer with your legal problem. Kind regards Stuart