Top Ten Questions relating to Sharnbrook Lease Extensions

  • We have seen a house for sale for £195k and we are very interested but we've just found out that it is leasehold. There are 899 years residual lease term so a lease extension is not a concern. 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 owning the property. Any advice would be much appreciated.
  • I am going to purchase a flat based in Sharnbrook. The offer is subject to the lease extension. The vendor’s has given to the freeholder 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 Norwich and Peterborough Building Society. Moreover, which are the following lease extension steps to complete the purchase?
  • I am looking into the costs of carrying out a lease extension for my studio flat in Sharnbrook, and would like some figures on that.
  • We purchased a leasehold with a landlord who has failed to give us a counter-notice for a lease extension for our flat in Sharnbrook and looking to do a vesting order. Is this something you can help us with?
  • I am looking to either purchase the freehold or a lease extension of my property in Sharnbrook and have been in touch with the freeholder, have had quote for around £4k to extend the lease. I will be doing a refinance with Barnsley Building Society to free up equity. My broker handling the remortgage suggested I get two estimates : one to extend the lease and one for outright purchase .The lease commenced in 1991 and since then the ground rent has increased from £15.00 per year to £200 per annum.
  • I would like to know how much it would financials and the best way to start the lease extension process? I have roughly 55 years unexpired lease and I own a maisonette in Sharnbrook.
  • My mortgage provider requires several hundred pounds for their to approve the lease extension deed for my flat in Sharnbrook... I can find no reference of this in my mortgage literature... is this a normal cost that they charge?
  • I own 60% in a shared ownership flat with a housing association and I am considering a lease extension on a lease which is now around sixety three years. I need a at my end. Can you advise please? I live near Sharnbrook and have a mortgage with Santander.
  • I'm living with my mum and dad but have a one bedroom apartment in Sharnbrook let out which has a fivety nine year lease. Mortgage broker said I can remortgage as a buy to let instead of consent to let and release 55-60k which on top of a new mortgage based on my income. Not much about in Sharnbrook for me to get my own place. If I sell I will only get 150-160 due to tenant (8 months left on AST) and lease. A lease extension will cost 19k. Should I keep or sell the flat?
  • 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 doing it?

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