Common questions relating to Llanfairfechan Lease Extensions

  • I am looking for a lease extension on the lease on my three bed flat in Llanfairfechan which will have 70 years outstanding in June. What fees do you charge for this?
  • I plan on buying a flat based in Llanfairfechan. My offer is subject to the lease extension. The vendor’s has given to the freeholder the Section 42 Notice. Once this notice has been accepted by the freeholder, it is possible for the lessee to assign the benefit of that notice to me, the buyer, so that the buyer “stands in the shoes” of the Lessee, so to speak. I was wondering if this could be a problem for the mortgage lender Lloyds TSB Bank. Moreover, which are the following lease extension steps to complete the purchase?
  • We own a leasehold with a freeholder who has not given us a counter-notice for a lease extension for our flat in Llanfairfechan and are therefore thinking about the option of a vesting order. Is this something you can help us with?
  • I am a freeholder of a block of flats in Llanfairfechan, and the leaseholders are in the process of being given lease extensions. I should hopefully get funds within a month or so. As I am not on self assessment do I write to the Inland Revenue ?
  • My husband and I have a ground floor flat in Llanfairfechan with seventy years to run. Last year we were quoted a deal to grant a lease extension for another 25 years but also increase ground rent from notional to £250 per annum..plus a premium I think of about 14k. We have now decided to go ahead but do we now have to start the negotiations again?
  • I would like some advice on 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 Llanfairfechan area with a loft extension..We are really concerned as we are first time buyers...Please advise if we want to lease out the property?
  • I'm living at mum and dad but have a maisonette in Llanfairfechan let out which has a seventy nine 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 Llanfairfechan 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. Should I keep or sell the flat?
  • 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 doing it?
  • We currently own a ground floor flat in Llanfairfechan 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 55 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 freeholder first and will they be able to give me a cost?
  • I have 75 years remaining on my lease of a ground floor flat in Llanfairfechan, the Landlord requires a £25k premium for a statutory lease extension of 90yrs. I am looking for advice on whether this amount is reasonable

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