Torpoint Lease Extension - Your Legal Fees Calculator
Torpoint Lease Extensions: Q and A’s
So this is the scenario: I bought a three bedroom first floor purpose built flat in Torpoint that I am finding difficult to sell as a result of the lease needing a lease extension. How long will it take ?
I am about to put an offer in on a maisonette in Torpoint with a lease of sixety six years but have no idea what I will have to spend to renew so I can put in an offer given to future cost of a lease extension.
This flat I have in mind requires only ground rent. Long lease so no lease extension required. I have asked the estate agents as to what happens to building insurance and responsibility for communal areas and if one of the two flats which make up the property wants to make alterations.They said they did not know. I cannot see how one could get buildings insurance for the whole building shared with another flat, either downstairs or upstairs. I do need to clarify things like this before I undertake all the expenses involved in purchasing a property I feel. Do freeholders actually supply their own insurance?
I have been in touch with my freeholder to extend my lease for my flat in Torpoint. His conveyancers has been in contact regarding fees etc. I need an estimate for dealing with the legalities to secure a lease extension. The flat currently has a 99 YR lease which started July 1986.
I intend to buy a one bed flat in Torpoint for asking price of 156k, which has 58 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 the freeholder does not agree to a marriage value (part of lease extension fees) of surveyor, how lengthy and difficult is the process of going down the route of Leasehold Valuation Tribunal?
I am in need of some help with a lease extension. I live in Glasgow but the flat in question is based in Torpoint. I would be grateful if you can give me a call when you get a chance to discuss the case.
Just been over 2 years that I have been in my two bedroom ground floor purpose built maisonette in Torpoint. I have 72 years outstanding on the lease. I am now wanting to buy a share of freehold or a lease extension. 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 solicitors about the process, he answered most of my questions but just have one left: What can I expect in terms of surveyors charges for a lease extension? Are they usually fixed or tend to increase over time (i.e. if the process drags to LVT)?
If somebody owns a flat with a lease of less than 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 have been in discussion with our freeholder after having a valuation on our studio flat in Torpoint. We have a 71 year lease and we wish to increase this to 99. The Freeholder has given us with a premium amount that she is happy with to accept for the extension of the lease, which we are happy with as well and wish to proceed. All we need now is a solicitors to handle this for us. Can you please provide me what your costs would be to act on our behalf.
My wife and I are aware that others in the same building previously had a lease extension, and the landlord seemed reasonable. It therefore appears worth taking risk of avoiding a formal survey and base the initial offer on on the premiums paid by others . This would save on double valuation fees. Would you suggest this course of action?