Lease Extension (freeholders)

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

  • lout3380
    replied
    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.

    Leave a comment:


  • sgclacy
    replied
    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

    Leave a comment:


  • Section20z
    replied
    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.

    Leave a comment:


  • lout3380
    replied
    Sgclacy my wife is the Co owner of the freehold

    Leave a comment:


  • sgclacy
    replied
    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

    Leave a comment:


  • lout3380
    replied
    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?

    Leave a comment:


  • Section20z
    replied
    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.

    Leave a comment:


  • lout3380
    started a topic Lease Extension (freeholders)

    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
    ​​​​​

Latest Activity

Collapse

  • Ground rent linked to value of property
    by ecfc29
    Hi all,

    Looking for some advice.

    My current GR is £100 pa, but in approx 16 years time will increase to 0.20% of the property value (1/500th as per lease), which is then reviewed at further 25 yr intervals until the end of the lease in c113 years time. So while there is no...
    27-09-2021, 12:15 PM
  • Reply to Ground rent linked to value of property
    by ecfc29
    Re your last comment, I think that is the issue, it wasn't disclosed in that way. Obv I know much moire about it now than I did then, and you learn from your mistakes, but ground rents were historically peppercorn. I do feel this was a sneaky underhand move by the Freeholder because the true extent...
    28-09-2021, 15:42 PM
  • Reply to Ground rent linked to value of property
    by ecfc29
    Thanks sglacy and section20Z, very helpful comments.

    So you have used today's value and a lower capitalisation rate to estimate the premium? I guess the alternative approach as you say is to estimate the value of the property and use a higher capitalisation rate but im guessing the premium...
    28-09-2021, 15:33 PM
  • Sublet fees
    by llg87
    Hi all, I am a new landlord. I recently re-mortgaged my leasehold flat to buy-to-let. On completion I have paid a notice of charge fee already to the freeholders. It is not clear in my lease if there are any more fees payable (subletting fees etc) and the freeholder won't answer my question directly....
    28-09-2021, 14:39 PM
  • Reply to Can I put an office room in my garden?
    by darcia
    Thanks for your reply.

    I thought it meant to add stuff from the "common areas" or just the external areas outside my delimited property?

    Because in another clause "property" is defined as my internal flat, and my garden....
    28-09-2021, 14:13 PM
  • Can I put an office room in my garden?
    by darcia
    Hi, so I want to put an office in my garden which I think it'll be classified as outbuilding. It'll be of about 5 x 4 m I believe.

    Can I do it based on these clauses?

    Thanks very much for your help.
    1. Not to make any external or structural alteration or addition to the Property
    ...
    27-09-2021, 19:58 PM
  • Reply to Can I put an office room in my garden?
    by darcia
    It's a house converted into 4 flats, each one with independent garden. I live in one of those flats....
    28-09-2021, 14:12 PM
  • Incompetent Managing Agent
    by aki131960
    After years of poor management by our head leaseholder, we adopted the RTM with 4 directors and appointed managing agents. I had reservation about the agents and voiced these but one of the other 3 directors insisted that they had good references. As we were running out of time before the transfer...
    05-08-2021, 13:33 PM
  • Reply to Incompetent Managing Agent
    by eagle2
    The member cannot reverse a vote on his own but I agree that you should meet him and discuss a way forward to work together. It calls for a firm but friendly conversation explaining what he can and what he cannot do and asking him to raise comments for consideration and pay contributions promptly,...
    28-09-2021, 11:42 AM
  • Reply to Incompetent Managing Agent
    by Gordon999
    1. Leaseholders are required to pay their share of the service charge contribution under the terms of Lease and any arrears in paying service charge can be claimed through the small claims court.

    2. The RTM is responsible for the service charge after "handover date". ...
    28-09-2021, 10:56 AM
Working...
X