Lease Extension (freeholders)

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Lease Extension (freeholders)

    Hi all
    Looking for some advice with regards to obtaining a lease extension.
    We are a married couple who own 1 of 2 maisonettes, we had the opportunity to purchase the freehold last year, which we have done and is now complete. This now means that as well as being the leaseholders to 1 flat we are also the freeholders for the 2 properties.
    We want to extend the lease on our flat (82 years left).
    Is this something we can do ourselves, or is there a need for a solicitor?
    ​​​​
    Regards
    Louise
    ​​​​​

    #2
    It's possible to do it yourself but why bother ? Just wait till you sell when you can grant a new lease and solicitors will take care of it.
    You've done the right thing buying the freehold which makes your lease term irrelevant.

    Comment


      #3
      Thank you for your reply.
      We have heard this before but the problem is that we still have a mortgage on the flat, and are worried that we will struggle to find a lender once the lease starts coming down?

      Comment


        #4
        You must do it now , if you co owner of the freehold went missing or became awkward then extending your lease Years later could become stressful and expensive

        Comment


          #5
          Sgclacy my wife is the Co owner of the freehold

          Comment


            #6
            Originally posted by lout3380 View Post
            Sgclacy my wife is the Co owner of the freehold
            Lol, keep your eye on her.
            As you have a mortgage they will want a solicitor to deal with the surrender and grant of new lease. Personally I would wait till you need to do it but if you want to do it now then I would include a reasonable rising ground rent so you retain some value to the freehold, you could also offer the other flat an informal extension to help towards the cost.
            Best guess is it will be a grand in fees.

            Comment


              #7
              Originally posted by lout3380 View Post
              Sgclacy my wife is the Co owner of the freehold
              I misread your post - I thought you and the other flat bought the freehold

              Comment


                #8
                Our freeholder was declared bankrupt so the freehold was offered to the leaseholders. The lady in the downstairs flat wasn't interested in purchasing. Her lease had plenty of years left and she was about to put her flat on the market so she felt it wouldn't benefit her to chip in. Long story short, she agreed to sign all the relevant paperwork for the 3 of us to get the freehold off of the freeholder. After she sold her flat she removed herself from the freehold. Meaning that it is just my wife and I that are the freeholders now.

                Comment

                Latest Activity

                Collapse

                • License to Alter required to carry out repairs?
                  by APK
                  Hi all,

                  Looking for some advice. My wife and I recently bought a leasehold property in London. The property came with wooden flooring, and the lease specified no wooden flooring could be installed without consent.

                  The lease states, with regards to the flooring issue:
                  "Not
                  ...
                  30-07-2021, 14:41 PM
                • Reply to License to Alter required to carry out repairs?
                  by Lawcruncher
                  I was thinking rather on the same lines which is why I asked the OP if he and his wife had signed the indemnity, hoping they had not so I did not have to consider the effect of the document. I have now considered it and concluded that it probably does not override the lease. However, there is still...
                  01-08-2021, 18:37 PM
                • Accounting for RMC
                  by SHill
                  Would anyone be able to advise if a RMC can raise sales invoices to Directors, for property expenses that relate to their leasehold properties. The sales invoices raise are itemised in the Notes to the service charges at. 4. Transactions with Directors and 5. Related party transactions
                  09-02-2021, 22:41 PM
                • Reply to Accounting for RMC
                  by SHill
                  I agree with Eagle 2 - As Director I am complying with the Companies Act 2006 to act in the best interests of the Company....
                  01-08-2021, 14:41 PM
                • Section 20 notice / repairing obligation
                  by Grah8m
                  REPAIRING OBLIGATION / SECTION 20 NOTICE
                  Our residential long lease does not impose Landlord Repairing Obligations - rather underlease provides procedures enabling any one of convenantees (5 x underlessees - 1 x "Landlord"/Underlessor) may initiate repairing maintenance works and...
                  01-08-2021, 13:59 PM
                • Reply to Accounting for RMC
                  by eagle2
                  If you were filing a false document, I would agree, however, you are not and there is a greater risk of being personally responsible for the ongoing penalties which are being incurred. You are acting consistently with your claim that the previous officers of the Company could and should have filed statutory...
                  01-08-2021, 09:49 AM
                • Reply to Accounting for RMC
                  by Section20z
                  I'd be very wary of filing a false financial instrument particularly with the revelations about the other parties...
                  01-08-2021, 08:35 AM
                • Reply to License to Alter required to carry out repairs?
                  by Macromia
                  It doesn't sound to me that this is an issue with what is/isn't demised.
                  It sounds like the floor covering is within the demise, but the floor covering present at the time of purchase was one that the lease does not allow without the freeholder's consent.

                  The indemnity that was signed...
                  01-08-2021, 07:52 AM
                • Reply to Accounting for RMC
                  by SHill
                  [QUOTE=eagle2;n1164773]I I can send you a PDF by private message if you wish..

                  Thank you that would be useful....
                  31-07-2021, 20:37 PM
                • Reply to License to Alter required to carry out repairs?
                  by ram
                  Your lease should state what is included in your demise, therefore responsible to maintain / fix .
                  It usually states, you are demised
                  the floor boards, internal plaster over the bricks, and either half the floor joists, and half the ceiling joists. If it does not include mention of the joists,
                  ...
                  31-07-2021, 13:37 PM
                Working...
                X