West Derby Lease Extension - Your Legal Fees Calculator
FAQs concerning West Derby Lease Extensions
I’m about to offer on a a property to buy in the West Derby area and was wondering how much would it cost to extend a lease? It has 74 years residual lease term...
I am looking to purchase a studio flat in West Derby with a lease of 57 years but unsure 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 purchased a studio flat in West Derby. I am looking to extend lease on the property. It is approximately 80 years. I would just like to know what your charges are and how long it would take for completion.
I need to talk to you about an apartment in West Derby, I am considering bidding at auction next week. The flat only has a few years remaining and I am curious about how much it would cost to get a lease extension and for your services.
My fiance and I are proceeding with a purchase of a maisonette in West Derby. I was told that the lease had been lengthened (70 years unexpired lease prior to extension). The description on the listing stated "sold with a long lease". It transpires at the point of exchange of contracts we find that the lease has not been extended. The seller apparently has a quote but no funds to extend as a result the seller wants to exchange and use the 10% deposit to extend the lease. My question is why has this only just been brought to my attention by my solicitors?
My lawyers (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?
We are hoping to acquire a home (a studio flat based inWest Derby with share of freehold). Throughout our search, we were always looking at properties that had a minimum 83 years left on the lease. We came across a flat we fell in love with and the selling agent assured that the lease was long albeit not specifying a number. Yesterday our conveyancing practitioners advised us the lease only has 58 years and thus requires a lease extension. Do we walk away, or should we reduce our offer?
We know that others in the same block previously had a lease extension, and the freeholder seemed amenable. It therefore appears worth taking risk of avoiding a formal valuation and calculate the initial offer on on the premiums paid by others . This would save on double valuation fees. Would you suggest such a course of action?
I am currently negotiating a lease extension for my flat in West Derby 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?