Questions and Answers: Euston Lease Extensions

  • My name´s Toby. I’m property hunting in Euston I'm seeing a ground floor flat online, with around 61 years unexpired lease, how much does it cost on average to extend in this location by, say, 35 years?
  • I bought a property in Euston and it has just over 57 years left. I'd like to extend the lease period
  • I want to purchase a leasehold property and lease extension. The flat owner has been there over two years and will sign the notice. He will let me have the notice on exchange and then I will serve it in the landlord. Is this OK ?
  • 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?
  • I'm thinking of buying a garden flat (leasehold) but the freeholder has been missing for just under 15yrs. My question is would it be less expensive to try to purchase the reversionary title or to extend lease and apply for RTM?
  • I am a first time buyer of a leasehold flat in Euston. The lease has just 60 years unexpired and ground rent is £75. Is it possible for the owner to serve the Initial Notice and then transfer this right to me as the buyer on the day of completion so that I can avoid waiting for the 2 year requisite period before I can apply to for a lease extension or have to deal with all this expense later? I have read this may be possible but will it be very time consuming to the seller? To add to the complexity it’s the case of an absent landlord, so I am not sure how does it work.
  • I am looking to buy a one bed flat in Euston for asking price of 156k, which has fivety six 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 query is: If the freeholder 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?
  • I'm living with my mother and father but have a ground floor flat in Euston let out which has a 58 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 Euston 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?
  • I own the freehold reversion of a property in Euston where the leaseholder would like a lease extension. Her valuer has suggested a figure of £8,000, but has upped this to £10,000 at the drop of a hat. My surveyor has put forward a much higher figure. She does not appear to wish to negotiate wanting to go to a FTT. If a lease extension does go to tribunal, can I deal with this myself, just equipped with the valuations I have? If not, what costs would I be likely to face?
  • I am currently negotiating a lease extension for my flat in Euston 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?

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