FAQs concerning Lanchester Lease Extensions

  • My name´s Lucas. I’m flat hunting in Lanchester I'm seeing a studio flat online, with nearly 68 years outstanding, how much will it likely cost to get a lease extension by, say, 35 years?
  • I am looking for a rough estimate of what a lease extension will cost for a flat I intend to buy. It has 70 years balance left.
  • 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?
  • Is it possible to talk with you about an apartment in Lanchester, I am considering buying at auction next week. The flat has a short lease and I wanted to inquire about how much it would cost to get a lease extension and for your services.
  • 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?
  • I an interested in finding out more about leasehold property buying. We are going to buy a 1920s detached house which is leasehold property is there any problem involved or hidden costs. Is it safe to buy a leasehold house in Lanchester area with a loft extension..We are really concerned as we are first time buyers...Please advise if we want to let the property?
  • I am in need of some help with a lease extension. I live in Dublin but the flat in question is based in Lanchester. 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 mother and father but have a studio flat in Lanchester let out which has a seventy three 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 Lanchester 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 13k. Not sure sure whether to hold on or sell the flat?
  • Coming up to 2 years that I have been in my maisonette in Lanchester. I have sixety eight yrs remaining on the lease. I am now looking either to purchase a share of freehold or a lease extension. I purchased the property for 350K, it is now roughly 450k. 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: In terms of surveyors - how do I go about finding one?
  • 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?

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