Questions and Answers: Ormesby Lease Extensions

  • I have an interest in the freehold of 2 blocks of flats comprising of six flats each. 2 of the leaseholders want to extend their leases and I'm curious about the procedure for this
  • We have seen a house for sale for £215k and we are very interested but we've just found out that it is leasehold. There are 798 years remaining so a lease extension is not a worry. We didn't know what this meant but the internet suggests we wouldn't own the land or property, just the lease to live there. Is this correct? We wouldn't want to pay a mortgage for twenty years without the house being ours. Any information would be much appreciated.
  • I am looking to purchase a maisonette in Ormesby with a lease of fivety eight years but have no idea what it will cost me to renew so I can put in an offer given to future cost of a lease extension.
  • I purchased a studio flat in Ormesby. The lease commenced in 1992 for 99 years. Now I am wanting to extend the lease. I am uncertain about additional expenses, could you tell me please how much I should expect to spend on this?
  • I am looking to either purchase the freehold or a lease extension of my property in Ormesby and have been in touch with the freeholder, have had quote for around £2500 to extend the lease. I plan to simultaneously get a new mortgage with Virgin Money to free up equity. My broker dealing with the remortgage suggested I get two quotes : one for the lease extension and one for the freehold purchase .The lease began in 1972 and since then the ground rent has been raised from £15.00 per year to £125 per annum.
  • I am planning to get a lease extension and am wondering what step I have to do first, I have been previously advised that I have to have the finances in place before I set the ball rolling, is this correct?
  • My (separately handling my lease extension) said I need a licence to alter given that I wish to carry out a loft extension to my property. Is this strictly required given that I have a share of the freehold. I've informally discussed the loft conversion with my co-freeholder some time ago and he had no objection once I reassured him that if my builder damages the roof I won't expect the co-freeholder to pay for future repairs to the roof. Assuming I need formal consent should I get the licence to alter and then start the lease extension process?
  • I am currently in the process of refinancing my 2 bed flat in Ormesby and the bank that I am looking to switch to requires a minimum 85 years remaining on the lease in order for them to take the mortgage forward. I have discovered that I currently have around 76 years on the leasehold so require some help, guidance, and some quotes to set the wheels in motion for a lease extension
  • I have 77 years remaining on my lease of a ground floor flat in Ormesby, the Landlord requires a £15k premium for a statutory lease extension of 90yrs. I am looking for advice on whether this amount is reasonable
  • Do you handle lease extensions on land? (a plot of land in Ormesby with 82yrs remaining)

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