Frequently asked questions relating to Bungay Lease Extensions

  • Hi, I just randomly found this site. I'm seeking prices on what a lease extension will cost for a garden flat based in Bungay. It's on the market at the moment but has just over fivety four years unexpired lease on the lease
  • I want to buy a leasehold property and extend the lease. The vendor has been there for three 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 ?
  • The terms for the lease on my apartment in Bungay are 99 years from 15 Sep 1988. Please give me a quote for a lease extension if I give you more information please?
  • I'm looking for a flat to buy in Bungay and I'm not really familiar with the leasehold concept. I've identified a one bed flat I like with a 91 years lease. I've read that I can get a lease extension after a couple of years, but:- Should I anticipate any issue with the mortgage?
  • I am looking at buying an auction property and identified a studio flat in Bungay. It only has a 48 year lease..the vendor being mortgagees in possession dont want the aggravation of seeking a lease extension..what are the disadvantages of this other than the huge fee to put a new lease on it and decreased chance of obtaining a mortgage with The Mortgage Works?
  • I am the freeholder of a 1930’s property split into two flats. 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 54 years. What are my next steps?
  • I'm living with my mum and dad but have a ground floor flat in Bungay let out which has a sixety three 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 Bungay 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. Not sure sure whether to hold on or sell the flat?
  • Just been over 2 years that I have been in my ground floor flat in Bungay. I have sixety six yrs remaining on the lease. I am now wanting to purchase a share of freehold or a lease extension. I purchased the property for 320K, 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: Is there a benefit in getting a Bungay based or any will do fine?
  • My OH and I are hoping to acquire a property (a two bedroom second floor purpose built maisonette located inBungay with share of freehold). During our search, we were always looking at apartments that had at least ninety years unexpired. We found a apartment we liked and the selling agent assured that the lease was long albeit not specifying a number. Today our informed us the lease only has 54 years and thus requires a lease extension. Should we walk away, or do we lower our offer by the estimated difference in value resulting from the short lease term setting aside that money to cover the lease extension?
  • I am currently negotiating a lease extension for my flat in Bungay 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?

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