Somersham Lease Extensions: Q and A’s

  • My name´s Harrison. I’m flat hunting in Somersham I'm thinking about offering on a garden flat online, with slightly less 61 years outstanding, how much will it likely cost to get a lease extension by, say, 25 years?
  • We have seen a house for sale for £215k and we are very keen on but we've just found out that it is leasehold. There are 928 years remaining so a lease extension is not required. 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 help would be much appreciated.
  • I plan on buying a flat in Somersham. My offer is subject to the lease extension. The current owner’s has served the Notice of Claim. 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 Alliance & Leicester . Moreover, which are the following lease extension steps to complete the purchase?
  • I am looking to either purchase the freehold or a lease extension of my property in Somersham and have been in touch with the freeholder, have had quote for around £4k to extend the lease. I plan to simultaneously get a new mortgage with National Westminster Bank to release of equity. My broker dealing with the remortgage suggested I get two quotes : one to extend the lease and one for outright acquisition .The lease began in 1979 and since then the ground rent has increased from £15.00 per annum to £300 per year.
  • My husband and I have a residential flat in Somersham with 61 years remaining. Ten months ago we were quoted a deal to grant a lease extension for another thirty years but also uplift the ground rent from notional to £300 per annum..plus a premium I think of about 10k. We have now decided to move forward but do we now have to start the negotiations again?
  • We would like to extend our lease having owned the property for two years as of 13th May 2015. It has slightly more than fivety four years remaining currently. Hoping to get a lease extension by way of an additional 90 years as quickly and stress free as possible.
  • I an interested in finding out more about purchasing a leasehold residence. We plan to buy a semi detached house which is leasehold property is there any problem involved or hidden costs. What are the downsides of purchasing a leasehold house in Somersham area with a loft extension..We are really concerned as we are first time buyers...Please advise if we want to lease out the property?
  • 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 56 years. I need a at my end. Can you advise please? I live near Somersham and have a mortgage with Yorkshire Building Society.
  • My OH and I would like to know the cost of a lease extension valuation for a property based in Somersham. Would you be able to help?
  • I'm intent on purchasing a flat in Somersham at a price of £195,000 the flat has just under 63 years unexpired on the lease. I put in an offer conditional upon the lease being extended... .. that was back in June, hoping I'd be in by Christmas. The seller has just come back saying they'll knock £3k off if I deal with the lease extension myself. I'm not sure whether that's a good idea

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