Questions and Answers: Burnley Lease Extensions

  • I invested in buying a studio flat in Burnley with a leasehold unexpired of fivety seven years. I am enquiring about how much I will need to spend to extend my lease term
  • I am about to view a one bedroom flat, although not exactly my dream property it has enough positives to suit me very well for my present circumstances. However after obtaining a copy of the title I've learnt that it only has sixety eight years balance left on the lease. It is also a repossession so I'm guessing that the lender will not be interested in doing a lease extension. My main concern is would it be difficult to sell on without a lease extension?
  • I am thinking about acquiring an auction property and came upon a studio flat in Burnley. It only has a fifty year lease..the seller being mortgagees in possession dont want to mess around with applying for a lease extension..what are the disadvantages of this except for the huge fee to put a new lease on it and reduced chance of getting a mortgage with Barclays ?
  • We would like to extend our lease. We will have been in the place for 2 years as of 21st March 2016. It has nearon 72 years remaining currently. Hoping to get a lease extension by another 90 years as expeditiously and stress free as is reasonably achievable.
  • I am looking to buy a one bed flat in Burnley for asking price of 145k, which has sixety 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 question is: If landlord does not agree to a marriage value (part of lease extension fees) of surveyor, how lengthy and easy is the process of going down the route of Leasehold Valuation Tribunal?
  • My nephew has a share of freehold, with two other leaseholders in a building in Burnley. House divided into three apartments. He has a lease, which has just under 73 yrs outstanding. Does he have to do the lease extension at the same time with the other tenants, or could he extend the lease on his own?
  • We have been in discussion with our freeholder after having a valuation on our three bed flat in Burnley. We have a 69 year lease and we wish to increase this to 99. The Freeholder has given 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 to handle this for us. Can you please provide me what your costs would be to act on the lease extension.
  • My brother and I are are hoping to complete on a 2 bed flat in Burnley which has share of freehold and a leasehold. The lease was starting to get low so the vendor is in the process of dealing with a lease extension. The seller has submitted the lease extension paperwork to HMLR. An essential part of the house buying process is for our to do a "priority search" on the lease. The problem here is that as a lease extension has been submitted we've been told by our it may not be possible to do this "priority search" right now as the new property title number is not known. Is it right that we have to be patient until the new lease is registered?
  • I am currently in the process of refinancing my one bedroom apartment in Burnley and the bank that I am looking to move to needs a minimum 85 years remaining on the lease in order for them to take the mortgage forward. We currently have around 70 years on the leasehold so looking for some help, guidance, and some quotes to set the wheels in motion for a lease extension
  • Do you handle lease extensions on land? (a plot of land in Burnley with 82yrs remaining)

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