Frequently asked questions relating to New Inn Lease Extensions

  • I am considering investing in a second home but it has a lease that expires in 14 years. Its in New Inn - I wanted to see if with your services it is possible for this to be extended?
  • I am about to put an offer in on a ground floor flat in New Inn with a lease of 77 years but not sure how much it will cost me to renew so I can put in an offer given to future cost of a lease extension.
  • 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?
  • I am looking at purchasing an auction property and found a one bed flat in New Inn. It only has a 49 year lease..the seller being mortgagees in possession will not want to mess around with seeking a lease extension..what are the disadvantages of this other than the huge fee to extend the lease and decreased chance of getting a mortgage with Virgin Money?
  • My father has a share of freehold, with two other leaseholders in a building in New Inn. House split into three flats. He has a lease, which has slightly more than sixety three yrs outstanding. Does he have to do the lease extension at the same time with the other tenants, or could he extend the lease on his own?
  • I note that your website states the likely fee to extend a lease is £495. Is that the all inclusive cost excluding value added tax and the HMLR fee? The premium has already been negotiated with the freeholder for the lease extension for my studio flat in New Inn
  • I'm intent on acquiring an apartment in New Inn at a price of £195,000 the flat has approaching sixety eight years left on the lease. My offer was conditional upon a lease extension... .. that was back in August, expecting I'd have completed before now. They have just come back saying that they are prepared to reduce the price by£8k if they don't have to deal with the lease extension. I'm not sure whether that's a good idea
  • We currently own a one bedroom apartment in New Inn 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 seventy five years left. Not sure what to do, have read some bits on the web saying it will be 20k plus to get a lease extension. Do you have some advice on this? Do I contact the freeholder first and will they be able to give me a cost?
  • I have 60 years remaining on my lease of a ground floor flat in New Inn, the Landlord requires a £15k premium for a statutory lease extension of 90yrs. I am looking for advice on whether this amount is acceptable
  • I am currently negotiating a lease extension for my flat in New Inn 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?

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