Common Edge Lease Extension - Your Legal Fees Calculator
Sample questions relating to Common Edge Lease Extensions
40k agreed with the freeholder, just seeking to find a Common Edge conveyancers for a lease extension. Our lease has around 59 yrsleft. Can you please help us with this situation ?
I am looking for a rough estimate of what a lease extension will cost for a flat I intend to purchase. It has seventy two years remaining.
I am thinking about whether to purchase the freehold or a lease extension of my property in Common Edge and have been in touch with the freeholder, have had quote for around £4k to extend the lease. I will be doing a get a new mortgage with Lloyds TSB Bank to release of equity. The adviser handling the remortgage suggested I get two quotes : one for the lease extension and one for outright acquisition .The lease commenced in 1991 and since then the ground rent has been raised from £25.00 per annum to £100 per year.
We are considering purchasing a ground floor flat in Common Edge which is a leasehold. I am enquiring as to the advantages and disadvantages of that - what occurs when lease ends, the cost of a lease extension, can the freeholder of the property evict me from my own flat and prevent me from extending the lease?
My conveyancing practitioners (separately handling my lease extension) said I need a licence to alter given that I wish to carry out a loft extension to my property. Is this strictly required given that I have a share of the freehold. I've informally discussed the loft conversion with my co-freeholder some time ago and he had no objection once I reassured him that if my builder damages the roof I won't expect the co-freeholder to pay for future repairs to the roof. Assuming I need formal consent should I get the licence to alter and then start the lease extension process?
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 extending the lease?
Me and my husband are hoping to purchase a home (a ground floor flat located inCommon Edge with share of freehold). Throughout our search, we were always looking at properties that had at least 83 years balance left. We found a place we fell in love with and the selling agent assured that the lease term was not an issue. Today our property lawyers informed us the lease only has seventy nine years and thus needs 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?
We are worried about getting a lease extension from an objectionable landlord. Regardless of the fact that the correct procedures were followed under the 1993 Act, the freeholder still attempted to get ground rent of £300 doubling every twenty five years of the new term. Can you help?
My and my fiance know that others in the same block previously had a lease extension, and the landlord seemed reasonable. It therefore appears worth taking risk of avoiding a formal survey and calculate the initial offer on previous prices . This would save on double valuation fees. Would you recommend this course of action?
I am currently negotiating a lease extension for my flat in Common Edge 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?