FAQs concerning Ferndale Lease Extensions

  • We have seen a house for sale for £185,000 and we are very interested but we've just discovered that it is leasehold. There are 899 years remaining so a lease extension is not an issue. We didn't know what this meant but the internet suggests we wouldn't own the land or property, just the lease to live there. Is this correct? We wouldn't want to pay a mortgage for 25 years without owning the property. Any suggestions would be much appreciated.
  • I am looking into the costs of carrying out a lease extension for my garden flat in Ferndale, and would like some figures on that.
  • I am a FTB of a leasehold flat in Ferndale. The lease has only 69 years remaining and ground rent is £75. Is it possible for the flat owner to serve the Initial Notice and then transfer 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 may be possible but will it be very time consuming to the vendor? Unfortunately it’s the case of an missing freeholder, so I am not sure how does it work.
  • My mortgage lender requires several hundred pounds for their for a "deed of substituted security" for the lease extension for my flat in Ferndale... I can find no reference of this in my mortgage booklet... is this a usual cost that they charge?
  • I am in need of some help with a lease extension. I live in Belfast but the flat in question is based in Ferndale. I would be grateful if you can give me a call when you get a chance to discuss the case.
  • I'm living with my mum and dad but have a one bedroom apartment in Ferndale let out which has a sixety eight 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 Ferndale 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. Not sure sure whether to hold on or sell the flat?
  • Coming up to 2 years that I have owned my three bedroom ground floor purpose built flat in Ferndale. I have fivety eight yrs unexpired lease on the lease. I am now wanting to purchase a share of freehold or a lease extension. I acquired the property for 320K, it is now roughly 425k. 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 goes to LVT)?
  • I own the freehold to two flats. Someone has the lease on the lower flat in Ferndale. I live in the top flat. I was looking at the title deeds today when I noticed that my flat is leasehold. There is 55 years left. If I want to do a lease extension then would I just be paying for the fees?
  • We currently own a one bedroom apartment in Ferndale and are looking to sell it this year so we can carry out some improvements on our family home. I checked the lease and it has 70 years left. Not sure what to do, have read some bits on the web saying it will be 20k plus to get a lease extension. Can you offer some advice on this? Should I contact the landlord first and will they be able to give me a cost?
  • We wanted an estimate on the cost of a lease extension and a few more questions answered regarding a lease extension for my ground floor flat in Ferndale

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