Common questions relating to Wenvoe Lease Extensions

  • I acquired a ground floor flat in Wenvoe that I am finding difficult to sell as a result of the lease needing a lease extension. How long will it take ?
  • I am in need of a rough estimate of what a lease extension will cost for a flat I intend to buy. It has 78 years residual lease term.
  • We invested in buying a leasehold with a landlord who has failed to respond by way of a counter-notice for a lease extension for our flat in Wenvoe and are therefore considering the option of a vesting order. Is this something you can help us with?
  • I am thinking about whether to purchase the freehold or a lease extension of my property in Wenvoe and have been in touch with the freeholder, have had quote for around £3k to extend the lease. I will be doing a refinance with Lloyds TSB Bank to release of equity. My broker dealing with the remortgage suggested I get two quotes : one for the lease extension and one for the freehold acquisition .The lease commenced in 1972 and since then the ground rent has increased from £15.00 per year to £125 per year.
  • I am a FTB of a leasehold flat in Wenvoe. The lease has only 55 years outstanding and ground rent is £95. Is it possible for the current owner to serve the Initial Notice and then assign this right to me as the buyer on the day of completion so that I don't have to wait for the 2 year qualifying period before I can apply to for a lease extension or have to deal with all this expense later? I have read this is achievable but will it be very time costly to the vendor? To add to the complexity the landlord is absent, so I am not sure how does it work.
  • Me and my wife would like to know the cost of a lease extension valuation for a property based in Wenvoe. Would you be able to help?
  • Coming up to 2 years that I have owned my one bedroom apartment in Wenvoe. I have 64 years unexpired lease on the lease. I am now wanting to buy a share of freehold or extend my lease. I acquired the property for 342K, it is now roughly 450k. 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?
  • I am planning on refinancing my studio flat in Wenvoe and the next lender that I am looking to move to requires a minimum 80 years on the leasehold of my property in order for them to progress matters. I have discovered that I currently have around fivety nine years on the leasehold so require some help, guidance, and some quotes to start the lease extension process
  • I have 66 years remaining on my lease of a ground floor flat in Wenvoe, the Landlord requires a £18k premium for a statutory lease extension of 90yrs. I am looking for advice on whether this amount is too high
  • I am currently negotiating a lease extension for my flat in Wenvoe as it is coming up to the 80 year mark. As I understood it, if you extend your lease by the 90 years available, you pay a premium (£thousands) but the ground rent is reduced to a peppercorn. I am now told that I have to continue paying ground rent. I thought the major cost of a lease extension was to compensate the freeholder as they wouldn't be collecting ground rent anymore?

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