Bassaleg Lease Extension - Your Legal Fees Calculator
Questions and Answers: Bassaleg Lease Extensions
I’m about to offer on a a property to purchase in the Bassaleg area and was interested in finding out how much would it cost for a lease extension? It has seventy five years unexpired...
We have seen a house for sale for £185,000 and we are very keen on but we've just discovered that it is leasehold. There are 928 years residual lease term so a lease extension is not a worry. 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 correct? We wouldn't want to pay a mortgage for twenty years without the house being ours. Any help would be much appreciated.
I am a landlord of a block of flats in Bassaleg, and the lessees are in the process of being given lease extensions. I anticipate receiving the money next week. As I am not on self assessment do I write to the Inland Revenue ?
My wife and I are proceeding with buying a one bed flat in Bassaleg. I was advised by the EA that the lease extension had already been completed while on a viewing (sixety nine years remaining prior to extension). The sales particulars said "sold with a long lease". It turns out as we are about to exchange of contracts we find that there has been no lease extension. The homeowner apparently has a quote but no money to extend and consequently the vendor intends to exchange and use the my deposit to extend the lease. My question is as the lease hasn't been extended is there not a danger that Accord Mortgages Ltd won't lend on a lease?
I am in need of a lease extension for my flat in Bassaleg and was advised previously that I must get the funds readily available, is this the case or can I start the process beforehand?
My conveyancing practitioners (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?
I'm living at mum and dad but have a maisonette in Bassaleg let out which has a 67 year lease. Mortgage broker said I can remortgage as a buy to let instead of consent to let and release 55-60k which on top of a new mortgage based on my income. Not much about in Bassaleg for me to get my own place. If I sell I will only get 150-160 due to tenant (8 months left on AST) and lease. A lease extension will cost 21k. Not sure sure whether to hold on or sell the flat?
My partner and I have been in discussion with our freeholder after having a valuation on our maisonette in Bassaleg. We have a seventy nine year lease and we wish to increase this to 99. The Freeholder has provided us with a premium amount that she is happy with to accept for the extension of the lease, which we are happy with as well and wish to proceed. All we need now is a solicitors to handle this for us. Can you please provide me what your costs would be to act on our behalf.
I know that others in the same block had already had a lease extension, and the freeholder was reasonable. It therefore appears worth taking risk of not having formal survey and calculate the initial offer on previous prices . This would save on double valuation charges. Would you recommend this course of action?
I am currently negotiating a lease extension for my flat in Bassaleg 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?