Frequently asked questions relating to Seaham Lease Extensions

  • We have seen a house for sale for £215k and we are very keen on but we've just discovered that it is leasehold. There are 899 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 advice would be much appreciated.
  • I am looking for a in Seaham and they need to be on the Yorkshire Building Society approved conveyancers panel as we need a lease extension and remortgage at the same time. Are you able to recommend a ?
  • I am going to purchase a flat in Seaham. 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 Barclays . Moreover, which are the following lease extension steps to complete the purchase?
  • I am considering whether to purchase the freehold or a lease extension of my property in Seaham and have been in touch with the freeholder, have had quote for around £3k to extend the lease. I plan to simultaneously remortgage with Barclays to release of equity. The broker dealing with the remortgage suggested I get two estimates : one for the lease extension and one for outright acquisition .The lease began in 1991 and since then the ground rent has increased from £25.00 per annum to £200 per annum.
  • I wondered if you could help me on how much it would expense and the optimum way to start the lease extension process? I have nearon seventy five years unexpired lease and I own a maisonette in Seaham.
  • I am the owner of a purpose-built flat in a small development in Seaham. The leasehold interest in the flat on a ninety five year lease started from 2nd August 1969 with a non-reviewable yearly rent of 20. I wish to obtain a lease extension. Is it possible for me to talk with someone to discuss my options please?
  • I am the freeholder of a Victorian property split into two flats. I live in the upper flat and my neighbour in the lower flat. My neighbour has approached me for a lease extension from the current fivety five years. What are my next steps?
  • If a leaseholder owns a flat with a lease of less than 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 looking at purchasing an apartment in Seaham at a price of £195,000 the flat has something like 78 years remaining on the lease. My offer was subject to a lease extension... .. that was back in September, expecting I'd have moved in by Christmas. The owner has just come back saying that they are prepared to reduce the price by£7k if I deal with the lease extension myself. I'm not sure if I should take them up on the offer
  • I have a lease of seventy nine years remaining on my flat in Seaham. We are looking for a lease extension, so we contacted our freehold company and they came back with a quote that was double the amount and half the extension time that the lease extension calculator provided. Is there anyway, without racking up a huge legal bill, we can ask the freehold company to provide their computation of the amount and how they derived to it?

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