Questions and Answers: Woodhall Spa Lease Extensions

  • I bought a property in Woodhall Spa and it has approximately 76 years outstanding. I'd like to extend the lease period
  • I am the owner of a maisonnette together with the freehold title. My downstairs neighbours have asked to extend the lease what do I need to do?
  • I am considering acquiring an auction property and found a studio flat in Woodhall Spa. It only has a fifty-one year lease..the current owner as mortgagees in possession dont want the aggravation of applying for a lease extension..what are the drawbacks of this except for the expensive fee to extend the lease and reduced chance of obtaining a mortgage with Aldermore?
  • We have a ground floor flat in Woodhall Spa with 64 years to run. Ten months ago we were quoted a deal to receive a lease extension for another fifty years but also increase ground rent from notional to a little more..plus a premium I think of approximately 10k. Finally we have decided to move forward but do we now have to start the negotiations again?
  • 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?
  • It says on your website the likely fee to extend a lease is £495. Is that the all inclusive cost excluding value added tax and the HMLR fee? The premium has already been agreed with the freeholder for the lease extension for my three bed flat in Woodhall Spa
  • I'm looking at acquiring an apartment in Woodhall Spa valued at £210,000 the flat has just under fivety six years unexpired on the lease. My offer was subject to a lease extension... .. that was back in September, expecting I'd have completed by Christmas. They have just informed the agent they are willing to reduce the price by£7k if I deal with the lease extension myself. I'm unsure whether that's a good idea
  • Just a quick question, how much is the premium payable for a lease extension on a residential property in Woodhall Spa for a two bed flat - sec 42 having been issued?
  • My husband and I are hoping to buy a flat (a ground floor flat located inWoodhall Spa with share of freehold). During our search, we were always looking at properties that had at least 84 years balance left. We identified a place we liked and the estate agent assured that the lease was long albeit not specifying a number. Yesterday our informed us the lease only has fivety eight years and therefore needs a lease extension. Should we run away, or do we reduce our offer?
  • I am currently negotiating a lease extension for my flat in Woodhall Spa 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?

    • Find out more about a accredited conveyancer's need to have CQS Policy Templates applicable for conveyancers in Woodhall Spa