Frequently asked questions relating to Borehamwood and Elstree Lease Extensions

  • We have seen a house for sale for £215k and we are very interested but we've just found out that it is leasehold. There are 899 years residual lease term 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 guidance would be much appreciated.
  • I'm considering purchasing a studio flat (leasehold) but the freeholder has been absent for nearon 15yrs. My question is would it be less expensive to try to buy the reversionary title or to get a lease extension and apply for right to manage?
  • I bought a garden flat in Borehamwood and Elstree. I am looking to extend lease on the property. It is nearing eighty one years. I would just like to know what your charges are and how long the process takes.
  • I am deliberating whether to purchase the freehold or a lease extension of my property in Borehamwood and Elstree and have been in touch with the freeholder, have had quote for around £4k to extend the lease. I will be doing a remortgage with Godiva Mortgages Ltd to free up equity. The broker handling the remortgage suggested I get two estimates : one for the lease extension and one for outright acquisition .The lease commenced in 1979 and since then the ground rent has increased from £38.00 per annum to £200 per annum.
  • I am concerned that my daughter is being hoodwinked. She put in an offer on a one bedroom apartment in Borehamwood and Elstree, where the lease is nearly 65 years but she was informed by the selling agents that the current owner had extended it to 125 years. She has now been advised the owner was holding off for her to retain lawyers before commencing with the lease extension. Sounds underhand, also it will take a while to sort it all out. Am I being too sceptical?
  • I am the freeholder of a Victorian property split into two apartments. I reside in the top floor flat and my neighbour in the lower flat. My neighbour has approached me for a lease extension from the current 64 years. What are my next steps?
  • I'm living at mum and dad but have a garden flat in Borehamwood and Elstree let out which has a 65 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 Borehamwood and Elstree 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 13k. Not sure sure whether to hold on or sell the flat?
  • I require an estimate to extend my mum’s lease on a three bedroom second floor purpose built flat in Borehamwood and Elstree. She recently got a figure from the freeholder for a lease extension but I am unclear whether it is too high.
  • I have 56 years remaining on my lease of a ground floor flat in Borehamwood and Elstree, the Landlord requires a £18k premium for a statutory lease extension of 90yrs. I am looking for advice on whether this amount is acceptable
  • I have a lease of sixety three years remaining on my flat in Borehamwood and Elstree. We are looking for a lease extension, so we contacted our freehold company and they came back with a quote that was double the amount and half the extension time that the lease extension calculator provided. Is there anyway, without racking up a huge legal bill, we can ask the freehold company to provide their computation of the amount and how they derived to it?

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