Wide Open Lease Extensions: Q and A’s

  • I am the registered owner of a three bedroom ground floor purpose built flat in Wide Open. I am looking for a lease extension on the property. It is around eighty one years. I would just like to know what your charges are and how long the process takes.
  • I am looking to either purchase the freehold or a lease extension of my property in Wide Open and have been in touch with the freeholder, have had quote for around £2500 to extend the lease. I will be doing a get a new mortgage with The Mortgage Works to free up equity. The broker handling the remortgage suggested I get two quotes : one for the lease extension and one for the freehold purchase .The lease started in 1991 and since then the ground rent has increased from £15.00 per annum to £125 per year.
  • I will soon view a one bedroom apartment, although not exactly my dream property it has enough positives to suit me very well for my present situation. However after obtaining a copy of the title I've learnt that it only has sixety seven years remaining on the lease. It is also a repossession so I'm guessing that the lender will not be interested in extending the lease. My primary concern is would it be difficult to sell on without a lease extension?
  • My mortgage lender is requesting a £600 fee for their to approve the lease extension deed for my flat in Wide Open... I can find no reference of this in my mortgage guide... is this a normal charge?
  • My partner and I have a residential flat in Wide Open with 55 years remaining. Ten months ago we were quoted a deal to receive a lease extension for another fifty years but also uplift the ground rent from notional to a little more..plus a premium I think of about 9k. Finally we have decided to move forward but do we now have to renegotiate?
  • I own 50% in a shared ownership property with a housing association and I am considering a lease extension on a lease which is now around 68 years. I need a at my end. Can you advise please? I live near Wide Open and have a mortgage with Bank of Ireland.
  • I am in need of some help with a lease extension. I live in Belfast but the property in question is based in Wide Open. I would be grateful if you can give me a call when you get a chance to discuss the case.
  • Coming up to two years that I have owned my studio flat in Wide Open. I have seventy one yrs unexpired lease on the lease. I am now wanting to purchase a share of freehold or a lease extension. I purchased the property for 342K, it is now roughly 445k. 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: What can I expect in terms of legal charges for a lease extension? Are they usually fixed or tend to increase over time (i.e. if the process drags to LVT)?
  • I'm seeking some assistance with regard to extending the lease on my flat. The plan is 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. You are able to recommend a good with expertise in lease extensions. Preferably nearby in Wide Open?
  • I require an estimate to extend my mum’s lease on a garden flat in Wide Open. She recently got a figure from the freeholder for a lease extension but I am unclear whether it is too high.

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