Questions and Answers: Penryn Lease Extensions

  • My wife has a flat in Penryn which we have just put on the market. The leasehold has circa 54 years residual lease term on it and we are concerned this will come up for anyone who may be interested. Can you please assist on how we commence arranging a lease extension? Many thanks.
  • 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 would like to have my residential flat leasehold extension premium valued. The flat is in Penryn, and my lease will reach 63 years this December. Could you advise me about the costs and time-frame to obtain an appraisal? Also, do you represent your clients at the LVT court?
  • I am going to purchase a flat based in Penryn. My offer is conditional upon a lease extension. The seller’s has served the Section 42 Notice. Once this notice has been accepted by the freeholder, it is possible for the lessee to assign the benefit of that notice to me, the buyer, so that the buyer “stands in the shoes” of the Lessee, so to speak. I was wondering if this could be a problem for the mortgage lender Halifax. Moreover, which are the following lease extension steps to complete the purchase?
  • I am a first time buyer of a leasehold flat in Penryn. The lease has just 57 years outstanding and ground rent is £50. Is it possible for the owner to serve the Initial Notice and then transfer this right to me as the buyer on the day of completion so that I don't have to wait for the 2 year requisite period before I can apply to for a lease extension or have to deal with all this expense later? I have read this may be possible but will it be very time costly to the seller? To add to the complexity the freeholder can not be found, so I am not sure how does it work.
  • My mortgage provider requires a £450 fee for their to agree a lease extension for my flat in Penryn... I am unable to find any reference of this in my mortgage guide... is this a standard cost that they charge?
  • We have a ground floor flat in Penryn with 71 years to run. Ten months ago we were quoted a deal to have a lease extension for a further 25 years but also uplift the ground rent from notional to a little more..plus a premium I think of about 16k. Finally we have decided to move forward but do we now have to renegotiate?
  • I would like some advice on purchasing a leasehold residence. We intend to buy a 1920s detached house which is leasehold property is there any problem involved or hidden costs. What are the downsides of purchasing a leasehold house in Penryn 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?
  • I am the freeholder of a Edwardian property split into two apartments. I reside in the upper flat and my neighbour in the lower flat. My neighbour has approached me for a lease extension from the current sixety three years. What are my next steps?
  • We wanted an estimate on the cost of a lease extension and a few more questions answered regarding a lease extension for my 2 bed flat in Penryn

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