Belper Lease Extensions: Q and A’s

  • We have seen a house for sale for £195k and we are very interested but we've just found out that it is leasehold. There are 928 years unexpired 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 owning the property. Any feedback would be much appreciated.
  • This flat I have in mind requires only ground rent. Long lease so no lease extension required. I have asked the estate agents as to what happens to building insurance and responsibility for communal areas and if one of the two flats which make up the property wants to make alterations.They said they did not know. I cannot see how one could get buildings insurance for the whole building shared with another flat, either downstairs or upstairs. I do need to clarify things like this before I undertake all the expenses involved in purchasing a property I feel. Do freeholders actually supply their own insurance?
  • We are in a building consisting of three flats in Belper and have been offered to buy the freehold for 5k per flat rather than go for lease extensions. We are all in agreement that we want to do this but how do we get started and what is the likely cost?
  • I have my suspicions that my daughter might have had the wool pulled over her eyes. She submitted an offer on a one bedroom apartment in Belper, where the lease is about 70 years but she was advised by the selling agents that the homeowner had extended it to 99 years. She has now been told the homeowner was holding off for her to instruct conveyancers ahead of instigating the lease extension. Sounds odd to me, also it could take time to sort it all out. What do you think?
  • My mortgage provider requires a £500 fee for their to approve the lease extension deed for my flat in Belper... I am unable to find any reference of this in my mortgage literature... is this a usual fee to pay?
  • My leasehold flat in Belper is up for sale and I have a hopefully firm offer. There is 79 years left on the lease and I want to extend the lease. What will it likely cost to get a lease extension by, say,45 years
  • I am looking to buy a one bed flat in Belper for asking price of 145k, which has fivety nine years lease left on it. Seller doesn't want to extend the lease for even if I were to pay the money to the seller. My query is: If landlord does not agree to a marriage value (part of lease extension fees) of a valuer, how lengthy and easy is the process of going down the route of Leasehold Valuation Tribunal?
  • I'm living at mother and father but have a studio flat in Belper let out which has a sixety six 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 Belper 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 19k. Should I keep or sell the flat?
  • Coming up to 2 years that I have been in my 2 bed flat in Belper. I have 58 yrs left on the lease. I am now looking either to buy a share of freehold or extend my lease. I purchased the property for 342K, it is now roughly 445k. I understand that 90 years is the period most people extend. I spoke to my about the process, he answered most of my questions but just have one left: What can I expect in terms of legal charges for a lease extension? Are they usually fixed or tend to increase over time (i.e. if the process drags to LVT)?
  • My partner and I have been in discussion with our freeholder after having a valuation on our studio flat in Belper. We have a 60 year lease and we wish to increase this to 99. The Freeholder has given us with a financial figure 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 to handle this for us. Can you please provide me what your costs would be to act on our behalf.

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