Top Ten Questions relating to Wool Lease Extensions
We have seen a house for sale for £185,000 and we are very interested but we've just discovered that it is leasehold. There are 899 years outstanding so a lease extension is not required. We didn't know what this meant but the internet suggests we wouldn't own the land or property, just the lease to live there. Is this correct? We wouldn't want to pay a mortgage for 25 years without owning the property. Any suggestions would be much appreciated.
I would like to have my residential flat leasehold extension premium assessed. The flat is in Wool, and my lease will reach sixety years this April. Could you advise me about the costs and time-frame to obtain an appraisal? Also, do you represent your clients at the LVT court?
I need to talk to you about an apartment in Wool, I am thinking of buying at auction next week. The flat has a short lease and I was wondering about how much it would cost to get a lease extension and for your services.
I am thinking about whether to purchase the freehold or a lease extension of my property in Wool and have been in touch with the freeholder, have had quote for around £2500 to extend the lease. I plan to simultaneously get a new mortgage with Birmingham Midshires to free up equity. The broker dealing with the remortgage suggested I get two estimates : one for the lease extension and one for the freehold purchase .The lease began in 1981 and since then the ground rent has been raised from £25.00 per annum to £200 per annum.
We have a one bedroom flat in Wool. There is eighty years to run on the lease and we want to extend the lease. What does it cost on average to get a lease extension by, say,thirty years
I am planning to get a lease extension and am wondering which step I have to do first, I have been previously told that I have to have the finances in place before I initiate the process, is this correct?
My conveyancing practitioners (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?
I would like some help on leasehold property buying. We are going to buy a 1920s detached house which is leasehold property is there any problem involved or hidden costs. What are the downsides of purchasing a leasehold house in Wool area with a loft extension..We are really concerned as we are first time buyers...Please advise if we want to sublet the property?
I'm living with my mum and dad but have a studio flat in Wool let out which has a 69 year lease. Mortgage broker said I can remortgage as a buy to let instead of consent to let and release 55-60k which on top of a new mortgage based on my income. Not much about in Wool for me to get my own place. If I sell I will only get 150-160 due to tenant (8 months left on AST) and lease. A lease extension will cost 21k. Should I keep or sell the flat?
Do you handle lease extensions on land? (a plot of land in Wool with 82yrs remaining)