Lease Extensions in Cheetham

Frequently asked questions relating to Cheetham Lease Extensions

I am the registered owner of a flat in Cheetham with a leasehold unexpired approximately 75 years and need to extend it. Please can you advise me of the next stages

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?

My co-lessees and I are in a building comprising five flats in Cheetham 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 is being hoodwinked. She put in an offer on a one bedroom apartment in Cheetham, where the lease is about 77 years but she was told by the estate agents that the vendor had extended it to 99 years. Only now has she been informed the owner was waiting for her to instruct lawyers prior to commencing with the lease extension. Seems underhand, also it may take time to sort it all out. Am I reading too much into it?

I am a freeholder of a block of flats in Cheetham, and the lessees are in the process of being given lease extensions. I anticipate receiving funds within a month or so. How does the tax work, the property is in joint names with my husband ?

I'm living at parents but have a studio flat in Cheetham let out which has a 79 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 Cheetham 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 two bedroom first floor purpose built maisonette in Cheetham. I have seventy four yrs outstanding on the lease. I am now wanting to buy a share of freehold or extend my lease. I acquired the property for 342K, it is now roughly 450k. 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: I realize this will cost me 10k+, it is not easy to drop the cash (even if I may have savings) to cover it. What do most people do in terms of financing - do they add it to their existing mortgage or pay it out in cash?

If somebody owns a flat with a lease of less than 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'm looking for some help with regard to a lease extension on my maisonette. The intention is to do this sometime next year as we must move then. Unfortunately the current lease is now very short and therefore I'm guessing it'll be expensive to extend. I'm also thinking that I'll probably have to go down the tribunal route. Do I look to extend it now or wait until I sell my place and have it all tied in with the property sale?

My mother is concerned about seeking a lease extension from a difficult freeholder. Even though the correct procedures were followed under the appropriate legislation, the landlord still tried to charge ground rent of £250 increasing by 100% every twenty years of the new lease. Can you help?

Find out more about a accredited conveyancer's need to have CQS Policy Templates applicable for conveyancers in Cheetham