Recently asked questions relating to Needham Market Lease Extensions

  • We are seeking a lease extension for our apartment located in Needham Market and we don't fully comprehend the letter that we got from our freehold company. What's your solicitors fee?
  • So this is the scenario: I invested in buying a three bedroom first floor purpose built flat in Needham Market that I am finding difficult to sell as a result of the lease requiring a lease extension. What's your legal fee ?
  • We are in a building of three flats in Needham Market and have been offered to buy the freehold for 8k per flat rather than go for lease extensions. We are all in agreement that we want to do this but how do we get started and what is the likely cost?
  • Possibly made an error, I am actually looking for a in Needham Market who has Leasehold Tribunal expertise in relation to lease extensions. Is this something you can assist me with?
  • I am looking into the costs of carrying out a lease extension for my studio flat in Needham Market, and would like some figures on that.
  • I am considering bidding for an auction property and found a one bed flat in Needham Market. It has just 41 year lease..the vendor as mortgagees in possession will not want to mess around with applying for a lease extension..what are the drawbacks of this other than the costly fee to extend the lease and decreased chance of getting a mortgage with Nottingham Building Society?
  • Offer accepted on a a one bedroom apartment in Needham Market, were told numerous times by the EA that the lease had over 100 years, we have just had our mortgage offer in writing through the post which states the lease as 82 years.We are soon to exchange contracts within a week. My question is how is possible that the estate agent got it so wrong?
  • Coming up to 2 years that I have owned my one bedroom ground floor purpose built maisonette in Needham Market. I have 57 yrs outstanding on the lease. I am now looking either to purchase a share of freehold or extend my lease. I acquired the property for 350K, it is now roughly 425k. 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: I realize this will cost me 10k+, it is not easy to drop the cash (even if I may have savings) to cover it. What do most people do in terms of financing - do they add it to their existing mortgage or pay it out in cash?
  • 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?
  • We are acquiring a garden flat in Needham Market which has share of freehold and a leasehold. The lease was on the short side so the owner is in the process of dealing with a lease extension. The owner has submitted the lease extension paperwork to HMLR. A crucial aspect of the conveyancing process is for our to do a "priority search" on the lease. The concern here is that as a lease extension has been submitted we've been told by our it may not be possible to do this "priority search" right now as the new property title number is not known. Is it correct that we have to be patient until the new lease is registered?

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