You are here: Home > Message Board > General Talk > Extending a Lease ?
September 29 2020 9.17am

Extending a Lease ?

Previous Topic | Next Topic


 

View AERO's Profile AERO Online Flag 01 Jul 18 7.44pm Send a Private Message to AERO Add AERO as a friend

Any legal buffs among you that could answer my problem.I have to extend my lease in the near future as its quite low at moment ,But want to turn my one bed flat into a two bed which i will have to get leasholders permision i know .Should i get lease extended before i convert or after conversion ? As oviously it will be worth more as a two bed Thanks

 

Alert Alert a moderator to this post Edit this post Quote this post in a reply
View Painter's Profile Painter Flag Croydon 01 Jul 18 8.17pm Send a Private Message to Painter Add Painter as a friend

Originally posted by AERO

Any legal buffs among you that could answer my problem.I have to extend my lease in the near future as its quite low at moment ,But want to turn my one bed flat into a two bed which i will have to get leasholders permision i know .Should i get lease extended before i convert or after conversion ? As oviously it will be worth more as a two bed Thanks

I would suggest you get legal advice, before you approach the freeholder. No point getting the leaseholders permission as that is you.
It will be expensive, the lower the lease is.

 

Alert Alert a moderator to this post Edit this post Quote this post in a reply
View Jacey's Profile Jacey Flag 01 Jul 18 8.51pm Send a Private Message to Jacey Add Jacey as a friend

Based on my recent experience,get the lease extended before adding value to your property.
The current value as the property stands right now is the starting point together with the remaining lease term.The sooner you extend the lease the better as the cost to do so increases with each passing year.
You can Google cost of a lease extension as there is a Government website to give you a very rough idea.
Remember also,you are liable for your own and the freeholders legal fees which are not cheap but by extending your lease, I have found that ground rents become pepper corn.
Hope this helps.

Good luck.

 

Alert Alert a moderator to this post Edit this post Quote this post in a reply
View Badger11's Profile Badger11 Flag Beckenham 01 Jul 18 9.37pm Send a Private Message to Badger11 Add Badger11 as a friend

I would suggest buying the freehold if that is possible.

I live in a block of flats we are leaseholders but also own the freehold. We extended our lease from about 90 years to 999 years.

I can't remember but there is some sort of right to buy for leaseholders. If you are planning on staying where you are this would be better in the long run. Aa the owner of the freehold you can then write your own lease you would also control ground rent this is just a device for the freeholder to extract more money.

If you have neighbours I would suggest you approach the freeholder as a group. The way it works is you set up a company that owns the freehold each dwelling has 1 share in that company you can then write your own lease and make whatever rules through the company.

If you are just planning to extend the lease I might be wrong but I think you will need the permission of the freeholder to convert a 1 bed into a 2 bed? They may refuse or ask for an additional payment.

 


One more point

Alert Alert a moderator to this post Edit this post Quote this post in a reply
View dingdong's Profile dingdong Flag bognor regis 01 Jul 18 9.59pm Send a Private Message to dingdong Add dingdong as a friend

sounds complicated why dont people buy a freehold property in the 2st place

 

Alert Alert a moderator to this post Edit this post Quote this post in a reply
View AERO's Profile AERO Online Flag 02 Jul 18 3.44pm Send a Private Message to AERO Add AERO as a friend

Thanks for your helpful comments,its a big block of flats in Croydon so not much chance of buying the freehold .Probably makes sense to get lease extented first before adding value with second bedroom but qill get some legal advice thanks all .

 

Alert Alert a moderator to this post Edit this post Quote this post in a reply
View Jacey's Profile Jacey Flag 02 Jul 18 4.33pm Send a Private Message to Jacey Add Jacey as a friend

Originally posted by AERO

Thanks for your helpful comments,its a big block of flats in Croydon so not much chance of buying the freehold .Probably makes sense to get lease extented first before adding value with second bedroom but qill get some legal advice thanks all .

Hi Aero,

Suggest you get a couple of estate agents to give you a current realistic valuation and you can go and visit
[Link] to get a pretty accurate idea of the cost while noting legal fees may well be an additional £1000 and you may also incur a surveyors fee.
The lower the valuation on your flat the better in this instance!!

Regards.

 

Alert Alert a moderator to this post Edit this post Quote this post in a reply
View South Devon Eagle's Profile South Devon Eagle Flag Newton Abbot 02 Jul 18 5.52pm Send a Private Message to South Devon Eagle Add South Devon Eagle as a friend

I am an estate agent. Regardless of whether it's a one or two bed, if you're looking to sell it and the lease is under 70 years, you Defo need to extend as mortgage companies for the buyer won't lend on it. It needs to be really 99years or above.

 


SUPPORTING PALACE SINCE 1986

Alert Alert a moderator to this post Edit this post Quote this post in a reply
View Cucking Funt's Profile Cucking Funt Flag Elm Guest House 02 Jul 18 7.37pm Send a Private Message to Cucking Funt Add Cucking Funt as a friend

Originally posted by dingdong

sounds complicated why dont people buy a freehold property in the 2st place

So what you’re saying is, people shouldn’t buy flats.

 


Wife beating may be socially acceptable in Sheffield, but it is a different matter in Cheltenham

Alert Alert a moderator to this post Edit this post Quote this post in a reply
View AERO's Profile AERO Online Flag 02 Jul 18 8.33pm Send a Private Message to AERO Add AERO as a friend

Defo going to extend the lease as quite low ,and know its going to cost around the £40g mark to increase , but my issue is turning it into a two bed before or after , but looks likely to be best after extending cheers

 

Alert Alert a moderator to this post Edit this post Quote this post in a reply

 


Previous Topic | Next Topic

You are here: Home > Message Board > General Talk > Extending a Lease ?