FAQs concerning Smithfield Lease Extensions

  • I own a three bedroom second floor purpose built flat in Smithfield that I now cannot sell as a result of the lease needing a lease extension. How long will it take ?
  • I’m just looking for a ground floor flat to buy in the Smithfield area and was interested in finding out how much would it cost to extend a lease? It has 75 years unexpired...
  • We have seen a house for sale for £185,000 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 an issue. 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 have a share of the freehold. There are three apartments in the house. All the leaseholders are now seeking lease extensions. What are the timescales to grant a lease extension?
  • My fiance and I had entered into buying a studio flat in Smithfield. I was advised by the EA that the lease extension had already been completed while on a viewing (sixety years left prior to extension). The description on the listing said "sold with a long lease". It turns out as we are about to exchange of contracts we find that there has been no lease extension. The seller apparently has a quote but no funds to extend and consequently the current owner wishes to exchange and use the deposit monies to extend the lease. My question is as the lease hasn't been extended is there not a danger that it would breach my lenders lease length criteria?
  • Just been over 2 years that I have been in my one bedroom apartment in Smithfield. I have 78 yrs left on the lease. I am now wanting to purchase a share of freehold or a lease extension. I acquired the property for 342K, it is now roughly 425k. I understand that 90 years is the period most people extend. I spoke to my about the process, he answered most of my questions but just have one left: In terms of surveyors - how do I go about finding one?
  • I own the freehold to two flats. Someone has the lease on the garden flat in Smithfield. I live in the upper flat. I was reviewing the land registry documents last night when I noticed that my flat has a lease on it. There is 74 years balance left. Can one do a lease extension without retaining a ?
  • I am the freeholder of a property in Smithfield and a leaseholder would like a lease extension. Her valuer has provided a figure of £8,000, but has upped this to £10,000 at the drop of a hat. My valuer has recommended a much higher amount. Negotiations have broken down so it looks at though we need to go to a FTT. If a lease extension does go to tribunal, can I handle the matter myself, just equipped with the valuations I have? If not, what fee would I be likely to incur?
  • My wife and I are concerned about seeking a lease extension from tricky freeholder. Even though the legal procedures were adhered to under the appropriate legislation, the landlord still tried to charge ground rent of £200 increasing by 100% every twenty years of the new lease. Can you help?
  • I am currently in the process of refinancing my studio flat in Smithfield and the bank that I am looking to switch to needs at least 85 years remaining on the lease in order for them to take the mortgage forward. I have discovered that I currently have around seventy four years on the leasehold so looking for some advice, guidance, and some quotes to set the wheels in motion for a lease extension

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