Sample questions relating to Crediton Lease Extensions

  • My partner has an apartment located in Crediton which we have just put on the market. The leasehold has circa 65 years residual lease term on it and we are concerned this will come up for anyone who may be interested. Can you please assist on how we commence arranging a lease extension? Thank you.
  • My co-lessees and I are in a building made up four flats in Crediton and have been offered to buy the freehold for 8k 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 own a purpose-built flat in a small development in Crediton. The leasehold interest in the flat on a 101 year lease which commenced from 2nd October 1972 with a set yearly rent of 20. I wish to obtain a lease extension. Can I call someone to discuss my options please?
  • I'm living at parents but have a 2 bed flat in Crediton let out which has a sixety 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 Crediton 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 21k. Should I keep or sell the flat?
  • Just been over 2 years that I have been in my ground floor flat in Crediton. I have 68 years unexpired lease on the lease. I am now looking either to buy a share of freehold or extend my lease. I acquired 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: What can I expect in terms of legal charges for a lease extension? Are they usually fixed or tend to increase over time (i.e. if the process drags to the tribunal etc)?
  • I'm looking at purchasing an apartment in Crediton at a price of £210,000 the flat has something like 63 years unexpired on the lease. My offer was subject to a lease extension... .. that was back in September, hoping I'd be in by Christmas. They have just come back saying that they are prepared to reduce the price by£2k if they don't have to deal with the lease extension. I'm not sure whether that's a good idea
  • Me and my sister are in the throws of buying a property (a maisonette located inCrediton with share of freehold). During our search, we were always looking at apartments that had at least 84 years left on the lease. We identified a flat we liked and the selling agent assured that the lease term was not an issue. This morning our told us the lease only has 77 years and therefore needs a lease extension. Should we walk away, or should 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 know that others in the same building previously had a lease extension, and the freeholder seemed amenable. Therefore is seems worth taking risk of not having formal survey and base the initial offer on previous prices . This would save on double valuation fees. Is this advisable?
  • Are you able to provide an estimate to extend my aunt’s lease on a maisonette in Crediton. She recently got a figure from the landlord for a lease extension but I am not sure it is too high.
  • I am currently negotiating a lease extension for my flat in Crediton 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?

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