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Sully Lease Extensions: Q and A’s
I have an interest in the freehold of 2 blocks of flats comprising of six flats each. Two of the leasehold owners want a lease extension and I'm enquiring about the procedure for this
I plan on buying a flat in Sully. My offer is subject to the lease extension. The vendor’s solicitors 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 Alliance & Leicester . Moreover, which are the following lease extension steps to complete the purchase?
Possibly made a mistake, I am searching for a property lawyers in Sully who has Leasehold Tribunal expertise when it comes to lease extensions. Are you able to assist me with?
I will soon view a one bedroom maisonette, although not exactly my dream property it has enough positives to suit me very well for my present circumstances. However after obtaining a copy of the title I've learnt that it only has 70 years left on the lease. It is also a repossession so I'm assuming that the lender will not be interested in doing a lease extension. My main concern is would the short lease make it difficult to secure a mortgage?
I am in need of a lease extension for my flat in Sully and was advised previously that I must get the funds readily available, is this the case or can I start the process beforehand?
My conveyancing practitioners (separately handling my lease extension) said I need a licence to alter given that I wish to carry out a loft extension to my property. Is this strictly required given that I have a share of the freehold. I've informally discussed the loft conversion with my co-freeholder some time ago and he had no objection once I reassured him that if my builder damages the roof I won't expect the co-freeholder to pay for future repairs to the roof. Assuming I need formal consent should I get the licence to alter and then start the lease extension process?
If somebody 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?
Me and my OH are hoping to purchase a property (a one bedroom first floor purpose built maisonette located inSully with share of freehold). Throughout our search, we were always looking at flats that had a minimum ninety years residual lease term. We found a apartment we liked and the estate agent assured that the lease was long albeit not specifying a number. This morning our lawyers told us the lease only has seventy three years and therefore needs a lease extension. Should we run away, or do we reduce our offer?
I'm looking for some assistance with regard to extending the lease on my apartment. I'll be looking to do this sometime next year as we must move then. Unfortunately the current lease is now very short and therefore I'm guessing it'll be expensive to extend. I'm also thinking that I'll probably have to go down the tribunal route. Do I look to complete the lease extension now or wait until I sell my place and have it all tied in with the property sale?
I have 75 years remaining on my lease of a ground floor flat in Sully, the Landlord requires a £18k premium for a statutory lease extension of 90yrs. I am looking for advice on whether this amount is acceptable