Lease Extension (freeholders)

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    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

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