Top Ten Questions relating to Harehills Lease Extensions

  • 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 am deliberating whether to purchase the freehold or a lease extension of my property in Harehills 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 Barnsley Building Society to release of equity. My adviser dealing with the remortgage suggested I get two estimates : one for the lease extension and one for outright purchase .The lease started in 1972 and since then the ground rent has increased from £15.00 per annum to £125 per annum.
  • I am planning to get a lease extension and am wondering which step I have to do first, I have been previously told that I have to have the finances in place before I commence the process, is this correct?
  • My (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 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 extending the lease?
  • Me and my sister have been in discussion with our freeholder after having a valuation on our maisonette in Harehills. We have a sixety nine year lease and we wish to increase this to 99. The Freeholder has provided us with a premium amount that she is happy with to accept for the extension of the lease, which we are happy with as well and wish to proceed. All we need now is a to handle this for us. Can you please provide me what your costs would be to act on our behalf.
  • I'm intent on acquiring an apartment in Harehills at a price of £195,000 the flat has approaching 79 years left on the lease. I put in an offer subject to a lease extension... .. that was back in November, expecting I'd have completed before now. They have just informed me they'll knock £3k off if I deal with the lease extension myself. I'm unsure if I should take them up on the offer
  • Me and my OH are hoping to acquire a property (a three bed flat based inHarehills with share of freehold). During our search, we were always looking at flats that had at least ninety years left. We identified a flat we liked and the estate agent promised us that the lease was long albeit not specifying a number. Yesterday our advised us the lease only has seventy five years and therefore requires 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 have a one bedroom apartment in Harehills with a lease of 68 years left with a value of around £290000 we want to add 125 years to it, how much is that likely to cost?
  • I have a lease of sixety six years remaining on my flat in Harehills. We are looking for a lease extension, so we contacted our freehold company and they came back with a quote that was double the amount and half the extension time that the lease extension calculator provided. Is there anyway, without racking up a huge legal bill, we can ask the freehold company to provide their computation of the amount and how they derived to it?

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