FAQs concerning Abersychan Lease Extensions

  • I'm wanting to make an offer on a house in Abersychan but I'm a little worried about it being leasehold. Do you know what title absolute means and is this regarding the lease? Also, we have asked to see a copy of the lease but the homeowner said they might not have it. We are worried about restrictions, and dont know what to do. We have also been approved for the mortgage but the lender doesn't know its leasehold. Do houses qualify for lease extension? Will this affect Alliance & Leicester giving us the mortgage now?
  • We have seen a house for sale for £195k and we are very interested but we've just discovered that it is leasehold. There are 798 years balance left so a lease extension is not required. We didn't know what this meant but the internet suggests we wouldn't own the land or property, just the lease to live there. Is this true? We wouldn't want to pay a mortgage for twenty years without owning the property. Any feedback would be much appreciated.
  • The terms for the lease on my apartment in Abersychan are 101 years from 10 Sep 1980. Can you provide me a quote to extend the lease if I give you more specifics please?
  • I will soon view a one bedroom apartment, although not exactly my ideal property it has enough positives to suit me very well for my present circumstances. However after downloading a copy of the title I've learnt that it only has 62 years remaining on the lease. It is also a repo so I'm assuming that the lender will not be interested in doing a lease extension. My main concern is would it be difficult to sell on without a lease extension?
  • I am considering bidding for an auction property and came upon a studio flat in Abersychan. It has just fifty year lease..the seller being mortgagees in possession dont want to mess around with negotiating a lease extension..what are the disadvantages of this except for the huge fee to put a new lease on it and reduced chance of getting a mortgage with Bank of Scotland?
  • My (separately handling my lease extension) said I need a licence to alter given that I wish to carry out a loft extension to my property. Is this strictly required given that I have a share of the freehold. I've informally discussed the loft conversion with my co-freeholder some time ago and he had no objection once I reassured him that if my builder damages the roof I won't expect the co-freeholder to pay for future repairs to the roof. Assuming I need formal consent should I get the licence to alter and then start the lease extension process?
  • My brother and I have owned a leasehold flat for about fifteen years. It now has sixety years unexpired lease on the lease. Following a year of difficult negotiations through my and, mainly, surveyor I now have an offer from the freeholder. I am at a decision point on whether to accept it or go to LVT and would appreciate advice.
  • If a leaseholder owns a flat with a lease of under 80 years, they can afford the lease extension by borrowing the funds against the property, and the value of the flat with the new lease will more than cover the cost of the extension, then is there any justification for not doing it?
  • I require an estimate to extend my mum’s lease on a garden flat in Abersychan. She recently got a price from the landlord for a lease extension but I am far from certain if it is too expensive.
  • I am currently negotiating a lease extension for my flat in Abersychan as it is coming up to the 80 year mark. As I understood it, if you extend your lease by the 90 years available, you pay a premium (£thousands) but the ground rent is reduced to a peppercorn. I am now told that I have to continue paying ground rent. I thought the major cost of a lease extension was to compensate the freeholder as they wouldn't be collecting ground rent anymore?

    • Find out more about a accredited conveyancer's need to have CQS Policy Templates applicable for conveyancers in Abersychan