There have been many calls for some statutory regulation of the companies and individuals who own and manage blocks of flats.
A common question from owners of leasehold flats relates to the process involved in extending a lease – especially where the lease has fewer than eighty years remaining.
It may come as a surprise but approaching your freeholder directly to extend your lease could cost you big time!
Looking at websites for anything related to Conveyancing, I see many questions from people who are unclear of the practical differences between owning a leasehold home and a freehold one. This is important for anyone looking to buy a property for the first time, or for someone who has not bought a property in England […]
The LVT (Leasehold Valuation Tribunal) is a Leaseholder’s ultimate recourse in the event that Lease Extension Terms cannot be agreed with the Freeholder. The LVT is an independent public legal body forming part of ‘The Residential Property Tribunal Service‘ and it exists to ensure that there is fair and unbiased adjudication process for both Leaseholders […]
Just because you don’t have an absolute right to extend your lease, you can always try via negotiation. Fridaysmove can handle your negotiation and other lease extension duties for you.
The first question you need to ask is “Can I Extend My Lease?” You can start a negotiation with your Freeholder at any point, but its best to at least be armed with an estimated Lease Extension calculation, or better yet a full lease valuation from a Chartered Surveyor.
If you are a leaseholder you have a right to extend your lease. If you don’t however, the property will revert to the freeholder once your lease expires.
The first step in any Lease Extension procedure is to get a proper leasehold valuation, there are many lease extension calculators online but these can only provide an estimate.
Fridaysmove has a range of services designed to help Leaseholders obtain a 90 year Lease Extension using Government legislation. These services are; Lease Valuation A Lease Valuation provides a valuation of your property plus a technical valuation of the premium payable for a 90 year Lease Extension for use in any negotiations with the Freeholder. […]
It is not uncommon to find leasehold properties in London which have a short number of years left to run on the lease (often referred to as the ‘unexpired term’). If this is the case, consideration needs to be given to applying to extend a lease.
When buying a leasehold property it is very important find out, very early on, how many years there are left on the lease; i.e. the unexpired term. If the term is for less than 75-70 years then you should find out from the seller whether he is prepared to serve Notice on the landlord to […]
One of the largest regional firms in the UK, Halliwells, whose headquarters are based in Manchester, are currently in talks with other major firms based in the North in relation to an acquisition of Halliwell’s business. They are the latest firm, and probably the largest, to have been affected by the economic downturn. […]
What should the new lease contain? When acting on the grant of a new lease during a conveyancing transaction special care must be taken to ensure the wording of the various clauses is clear and acceptable and that all the correct clauses are included. It is important to instruct a conveyancer or solicitor who has […]
If you have bought a flat with a lease with 82-90 years remaining you need to be quickly thinking about a Lease Extension. The crucial time to extend is before you fall below the 80-year period, at which juncture it becomes a lot more expensive to obtain a Lease Extension.
Now that the HIPs packs have been suspended, there is a little less paperwork a Seller needs to deal with when selling a property. The main forms and documents are as follows: Stage 1 Sellers Property Information Form Sellers Leasehold Information Form Fixtures Fittings and Contents List These forms form part of the pre-contract package. They […]
There are a number of ways to find a conveyancer or solicitor who will be able to assist you with buying your home. One of the quickest ways is via the internet. There are a number of websites, e.g. the Law Society website and Yellow Pages online which provide details of firms that undertake conveyancing. […]
Applying to extend the lease of a flat can be a complicated procedure so you should instruct a Conveyancer or solicitor with experience in this area to assist you.
After a lease drops below 80 years, the cost of a lease extension escalates dramatically . A short lease can also make a property hard to sell as lenders typically lend only on properties with at least 55 years on the lease. There is no clear agreement ( even amongst lenders ) as to what […]