Top Ten Questions relating to Bishops Castle Lease Extensions

  • I want to acquire a leasehold property and extend the lease. The owner has been there over two years and will assign the notice. He will let me have the notice on exchange and then I will serve it in the landlord. Is this OK ?
  • I am in need of a rough estimate of what a lease extension will cost for a flat I intend to purchase. It has sixety nine years left.
  • I have contacted my freeholder to extend my lease for my flat in Bishops Castle. His has been in contact regarding charges etc. I need a ball park figure for dealing with the legalities to secure a lease extension. The flat currently has a 99 YR lease which started March 1987.
  • Is it possible to talk with you about an apartment in Bishops Castle, I am thinking of bidding at auction in the next few days. The flat has a short lease and I was wondering about how much it would cost to get a lease extension and for your services.
  • I am a FTB of a leasehold flat in Bishops Castle. The lease has only 66 years remaining and ground rent is £75. Is it possible for the seller to serve the Initial Notice and then transfer this right to me as the buyer once I complete the buying process so that I can avoid waiting for the 2 year requisite period before I can apply to for a lease extension or have to deal with all this expense later? I have read this is legal but will it be very time consuming to the flat owner? Unfortunately it’s the case of an missing landlord, so I am not sure how this will play out.
  • My leasehold flat in Bishops Castle is up for sale and I have a hopefully firm offer. There is 82 years unexpired on the lease and I want to extend the lease. What will it likely cost to extend in this location by, say,ninety years
  • Me and my wife had entered into buying a 2 bed flat in Bishops Castle. I was advised that the lease had been extended (63 years unexpired lease prior to extension). The sales particulars stated "sold with a long lease". It turns out at the point of exchange of contracts we find that there has been no lease extension. The flat owner apparently has a quote but no funds to extend and consequently the current owner wishes to exchange and use the 10% deposit for the lease extension. My question is why has this only just been brought to my attention by my ?
  • If somebody 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 am currently in the process of refinancing my one bedroom second floor purpose built flat in Bishops Castle and the next lender that I am looking to switch to requires a minimum 85 years on the leasehold of my property in order for them to progress matters. We currently have around sixety three years on the leasehold so looking for some advice, guidance, and some quotes to start the lease extension process
  • I am currently negotiating a lease extension for my flat in Bishops Castle 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 Bishops Castle