Limehouse Lease Extension - Your Legal Fees Calculator
Limehouse Lease Extensions: Q and A’s
I have been in touch with my freeholder to extend my lease for my flat in Limehouse. His lawyers has been in contact regarding charges etc. I need a ball park figure for dealing with the legalities to secure a lease extension. The apartment currently has a 99 YR lease which started June 1994.
I am looking to either purchase the freehold or a lease extension of my property in Limehouse and have been in touch with the freeholder, have had quote for around £2500 to extend the lease. I plan to simultaneously get a new mortgage with National Westminster Bank to free up equity. The adviser handling the remortgage suggested I get two quotes : one for the lease extension and one for outright acquisition .The lease started in 1979 and since then the ground rent has been raised from £25.00 per annum to £100 per year.
I am a FTB of a leasehold flat in Limehouse. The lease has only sixety one years left and ground rent is £95. Is it possible for the seller to serve the Initial Notice and then transfer this right to me as the buyer once I complete the buying process so that I can avoid waiting for the two 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 is achievable but will it be very time consuming to the homeowner? To add to the complexity it’s the case of an absent freeholder, so I am not sure how does it work.
I am a freeholder of a block of flats in Limehouse, and the lessees are in the process of being granted lease extensions. I should hopefully get the money within a month or so. As I am not on self assessment do I contact the tax authorities ?
I am thinking about purchasing an auction property and identified a studio flat in Limehouse. It only has a 49 year lease..the seller as mortgagees in possession will not want to mess around with seeking a lease extension..what are the disadvantages of this other than the costly fee to extend the lease and decreased chance of obtaining a mortgage with Halifax?
Offer accepted on a a one bedroom apartment in Limehouse, were told numerous times by the EA that the lease had over 100 years, we have just had our mortgage offer come through which states the lease as 82 years.Contracts were due to be exchanged in a couple of days. My question is why has this only just come to my attention by my conveyancers?
I am hoping to extend the lease on my one bedroom first floor purpose built maisonette in Limehouse I am looking for a local company to calculate the premium. I have a price from the landlord. I would like to go forward as soon as possible, but for the right premium and fee.
Coming up to 2 years that I have been in my maisonette in Limehouse. I have 67 yrs unexpired lease on the lease. I am now wanting to buy a share of freehold or extend my lease. I purchased the property for 320K, it is now roughly 425k. I understand that 90 years is the period most people extend. I spoke to my property lawyers 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 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?
I am currently negotiating a lease extension for my flat in Limehouse 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?