St Anns Lease Extensions: Q and A’s

  • Hello. I need a to have a look at my lease extension ahead of it being signed just to ensure there's nothing that I haven't seen - it's just a surrender and regrant with a few minor changes.
  • I plan on buying a flat in St Anns. My offer is conditional upon a lease extension. The owner’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 National Westminster Bank. Moreover, which are the following lease extension steps to complete the purchase?
  • Regarding a leasehold in St Anns. upper maisonette. 75 yrs left. I have an agreed lease extension to £20k for 115yrs. Freeholder also requested Section 42 Notice which I think should not be necessary. Can you assist.
  • I intend to buy a one bed flat in St Anns for asking price of 125k, which has 66 years lease left on it. I appreciate that ideally, the seller would start the process by serving a section 42 notice to start the lease extension process but the seller is refusing to assist. My query is: If landlord does not agree to a marriage value (part of lease extension fees) of a valuer, how lengthy and difficult is the process of going down the route of Leasehold Valuation Tribunal?
  • I'm living at parents but have a ground floor flat in St Anns let out which has a sixety one 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 St Anns 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 owned my studio flat in St Anns. I have fivety five years left on the lease. I am now looking either to buy a share of freehold or extend my lease. I purchased 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?
  • We are hoping to purchase a property (a garden flat located inSt Anns with share of freehold). During our search, we were always looking at properties that had a minimum ninety years left on the lease. We came across a flat we liked and the selling agent assured that the lease was long albeit not specifying a number. Yesterday our advised us the lease only has sixety years and thus requires a lease extension. Do we run away, or do we lower our offer by the estimated difference in value resulting from the short lease term setting aside that money to cover the lease extension?
  • We know that others in the same block previously had a lease extension, and the freeholder was reasonable. It therefore appears worth taking risk of avoiding a formal survey and base the initial offer on on the prices by others . This would save on double valuation charges. Would you suggest this course of action?
  • I have 75 years remaining on my lease of a ground floor flat in St Anns, the Landlord requires a £15k premium for a statutory lease extension of 90yrs. I am looking for advice on whether this amount is reasonable
  • I was hoping you might be able to tell me the process of how to apply for a lease extension for my 2 bed flat in St Anns

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