North Shields Lease Extensions: Q and A’s

  • My partner and I are thinking about a lease extension for our ground floor flat based in North Shields and we don't fully understand the letter that we received from our landlord company. How long will it take?
  • 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 into the costs of carrying out a lease extension for my maisonette in North Shields, and would like some figures on that.
  • I am thinking about whether to purchase the freehold or a lease extension of my property in North Shields and have been in touch with the freeholder, have had quote for around £3k to extend the lease. I will be doing a get a new mortgage with Britannia to release of equity. The adviser handling the remortgage suggested I get two quotes : one for the lease extension and one for the freehold purchase .The lease commenced in 1991 and since then the ground rent has increased from £15.00 per year to £200 per year.
  • We wish to extend our lease. We will have been in the property for two years as of 1st May 2015. It has around sixety three years remaining currently. Hoping to get a lease extension by way of an additional 90 years as expeditiously and stress free as possible.
  • I an interested in finding out more about purchasing a leasehold residence. We intend 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 North Shields area with a loft extension..We are really concerned as we are first time buyers...Please advise if we want to rent out the property?
  • We have been in discussion with our freeholder after having a valuation on our studio flat in North Shields. We have a 69 year lease and we wish to increase this to 99. The Freeholder has provided us with a premium amount that she 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'm looking at buying an apartment in North Shields valued at £256,000 the flat has approximately 68 years unexpired on the lease. I put in an offer conditional upon the lease being renewed... .. that was back in June, hoping I'd have moved in before now. They have just come back saying that they are prepared to knock £5k off if I deal with the lease extension myself. I'm unsure if I should take them up on the offer
  • We are hoping to purchase a home (a ground floor flat located inNorth Shields with share of freehold). During our search, we were always looking at properties that had a minimum 84 years balance left. We found a apartment we fell in love with and the estate agent promised us that the lease term was not an issue. Yesterday our told us the lease only has sixety six years and therefore needs a lease extension. Do we walk away, or do we lower our offer by the estimated difference in value resulting from the short lease term setting aside that money to cover the lease extension?
  • I require an estimate to extend my mother’s lease on a studio flat in North Shields. She already has a price from the freeholder for a lease extension but I am not sure it is too high.

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