Top Ten Questions relating to Spalding Lease Extensions

  • I am fairly sure that our has advised us incorrectly concerning a lease extension and I would like to find out how to go about making a formal complaint
  • I own a leasehold flat in the Spalding area and was curious if I could get a lease extension. What are your processes and charges. Has seventy four years unexpired
  • I plan on buying a flat based in Spalding. The offer is conditional upon a lease extension. The flat 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 Nottingham Building Society. Moreover, which are the following lease extension steps to complete the purchase?
  • I'm looking for a flat to purchase in Spalding and I'm not really familiar with the leasehold arrangement. I've identified a two bedroom ground floor purpose built flat I like with a 87 years lease. My research reveals that I can go for a lease extension after a couple of years, but:- Should I be looking for some conditions that would prevent me for getting a lease extension?
  • My wife and I have owned a leasehold flat for about eighteen years. There are 75 years remaining on the lease. After a year of difficult negotiations through my and, mainly, surveyor I now have an offer from the freeholder. I now have to make a decision as to whether to accept it or go to LVT and would welcome advice.
  • I'm living with my mum and dad but have a garden flat in Spalding let out which has a seventy five 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 Spalding 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?
  • Coming up to two years that I have been in my ground floor flat in Spalding. I have 62 years unexpired lease on the lease. I am now looking either to buy a share of freehold or a lease extension. I purchased the property for 342K, it is now roughly 445k. 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: I realize this will cost me 10k+, it is not easy to drop the cash (even if I may have savings) to cover it. What do most people do in terms of funding the lease extension - do they add it to their existing mortgage or pay it out in cash?
  • 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 doing it?
  • Are you able to provide an estimate to extend my mum’s lease on a garden flat in Spalding. She already has a price from the freeholder for a lease extension but I am unclear whether it is too expensive.
  • We wanted an estimate on the cost of a lease extension and a few more questions answered regarding a lease extension for my garden flat in Spalding

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