Piccadilly Lease Extensions

Recently asked questions relating to Piccadilly Lease Extensions

So this is the scenario: I bought a one bedroom apartment in Piccadilly that I now cannot sell due to the lease needing a lease extension. 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 considering whether to purchase the freehold or a lease extension of my property in Piccadilly and have been in touch with the freeholder, have had quote for around £2500 to extend the lease. I will be doing a remortgage with Alliance & Leicester to release of equity. The adviser dealing with the remortgage suggested I get two estimates : one to extend the lease and one for outright acquisition .The lease started in 1991 and since then the ground rent has increased from £15.00 per annum to £200 per year.

I own 70% in a shared ownership property with a housing association and I am considering a lease extension on a lease which is now around sixety nine years. I need a at my end. Can you advise please? I live near Piccadilly and have a mortgage with Santander.

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?

I'm intent on buying an apartment in Piccadilly at a price of £195,000 the flat has something like sixety seven years left on the lease. My offer was conditional upon a lease extension... .. that was back in September, hoping I'd be in before Christmas. They have just come back saying that they are prepared to reduce the price by£7k if I deal with the lease extension myself. I'm unsure whether that's a good idea

My son knows that others in the same building previously had a lease extension, and the landlord was reasonable. Therefore is seems worth taking risk of not having formal survey and base the initial offer on on the prices by others . This would save on double valuation fees. Would you suggest this course of action?

I am planning on remortgaging my ground floor flat in Piccadilly and the new lender that I am looking to move to requires a minimum 80 years on the leasehold of my property in order for them to progress matters. I have discovered that I currently have around seventy nine years on the leasehold so looking for some advice, guidance, and some quotes to start the lease extension process

We currently own a garden flat in Piccadilly 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 13k plus to get a lease extension. Can you offer some advice on this? Do I contact the landlord first and will they be able to give me a cost?

I am currently negotiating a lease extension for my flat in Piccadilly 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 Piccadilly