Lease Extensions in Ilminster

Questions and Answers: Ilminster Lease Extensions

I purchased a property in Ilminster and it has roughly fivety seven years left. I'd like to arrange a lease extension by twenty years

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?

We invested in buying a leasehold with a landlord who has failed to respond by way of a counter-notice for a lease extension for our flat in Ilminster and are therefore deliberating the option of a vesting order. Is this something you can do for us?

Are you able to advise on the likely expense and the best way to start the lease extension process? I have approximately fivety six years outstanding and I own a studio flat in Ilminster.

My husband and I have a GFF based in Ilminster. There is eighty years remaining on the lease and we want to extend the lease. How much will it likely cost to get a lease extension by, say,fifty years

I'm living at mum and dad but have a 2 bed flat in Ilminster let out which has a 63 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 Ilminster 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?

If somebody owns a flat with a lease of less than 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?

Hopefully an easy question for you, how much is the premium payable for a lease extension on a residential property in Ilminster for a one bed flat - section 42 is already in place?

I know that others in the same block previously had a lease extension, and the freeholder seemed amenable. It therefore appears worth taking risk of not having formal valuation and calculate the initial offer on previous premiums paid . This would save on double valuation charges. Is this advisable?

We currently own a ground floor flat in Ilminster 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 54 years left. Not sure what to do, have read some bits on the web saying it will be 13k 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?

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