Frequently asked questions relating to Cross Keys Lease Extensions

  • I have shares in the freehold of buildings comprising of six flats each. 2 of the leasehold owners want to extend their leases and I'm enquiring about the the process
  • I am deliberating whether to purchase the freehold or a lease extension of my property in Cross Keys and have been in touch with the freeholder, have had quote for around £2500 to extend the lease. I plan to simultaneously refinance with Chelsea Building Society to free up equity. My broker handling the remortgage suggested I get two quotes : one to extend the lease and one for outright purchase .The lease began in 1991 and since then the ground rent has been raised from £38.00 per annum to £100 per year.
  • In 2010 I purchased a leasehold apartment in Cross Keys. I have built a big extension and have not informed my freeholder. What are my options?
  • I am a FTB of a leasehold flat in Cross Keys. The lease has only 77 years left and ground rent is £50. Is it possible for the current owner to serve the Section 42 Notice and then assign this right to me as the purchaser once I complete the buying process so that I can avoid waiting for the 2 year qualifying period before I can apply to for a lease extension or have to deal with all this expense later? I have read this is achievable but will it be very time consuming to the flat owner? Unfortunately it’s the case of an missing freeholder, so I am not sure how this will play out.
  • Me and my sister are considering buying a ground floor flat in Cross Keys which is a leasehold. I am enquiring as to the pros and cons of that - what happens when lease ends, the cost of a lease extension, can the freeholder of the land evict me from my own flat and block me from extending the lease?
  • I am interested in getting my lease extended and was advised previously that I must get the funds readily available, is this the case or can I start the process beforehand?
  • I'm living with my parents but have a 2 bed flat in Cross Keys let out which has a 64 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 Cross Keys 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?
  • If a leaseholder owns a flat with a lease of under 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?
  • Hello I am the freeholder interest in a 3 bedroom flat in Cross Keys. The leaseholder has a seventy nine year lease and would like to purchase an additional 90 years. She is offering me £21,000 but I am unsure if this is too low an offer
  • We are concerned about getting a lease extension from a difficult freeholder. Notwithstanding that the correct procedures were adhered to under the 1993 Act, the freeholder still attempted to charge ground rent of £250 doubling every twenty five years of the new term. Can you help?

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