Questions and Answers: North Plymouth Lease Extensions

  • I have a lease of seventy seven years on a property which I am looking to buy how much am I looking at for the cost to extend the lease?
  • I am considering buying an auction property and found a one bed flat in North Plymouth. It has just fifty year lease..the vendor as mortgagees in possession dont want to mess around with seeking a lease extension..what are the drawbacks of this except for the expensive fee to put a new lease on it and reduced chance of getting a mortgage with TSB?
  • We are looking to extend our lease. We will have been in the flat for two years as of 22nd Feb 2015. It has approximately 60 years remaining currently. Hoping to get a lease extension by way of an additional 90 years as expeditiously and stress free as is reasonably achievable.
  • I am interested in getting my lease extended and was advised previously that I must get the funds readily available, is this the case or can I start the process beforehand?
  • My husband has a share of freehold, with two other leaseholders in a building in North Plymouth. House divided into three flats. He has a lease, which has just over 68 yrs left. How much would it cost for a lease extension and how many years would he need to extend by?
  • Just been over 2 years that I have been in my garden flat in North Plymouth. I have 73 years outstanding on the lease. I am now wanting to buy a share of freehold or extend my lease. I acquired the property for 320K, 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: Is there a benefit in getting a North Plymouth based or any will do fine?
  • 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 extending the lease?
  • My OH and I have been in discussion with our freeholder after having a valuation on our ground floor flat in North Plymouth. We have a seventy eight year lease and we wish to increase this to 99. The Freeholder has provided us with a premium amount that he is happy with to accept for the extension of the lease, which we are happy with as well and wish to proceed. All we need now is a to handle this for us. Can you please provide me what your costs would be to act on the lease extension.
  • I am planning on remortgaging my one bedroom apartment in North Plymouth and the bank that I am looking to move to requires at least 85 years on the leasehold of my property in order for them to progress matters. We currently have around seventy years on the leasehold so looking for some help, guidance, and some quotes to set the wheels in motion for a lease extension
  • I am currently negotiating a lease extension for my flat in North Plymouth 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?

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