Extending a lease or buying the freehold on a property should be simpler and more cost-effective. That’s the findings of the latest report from the Law Commission, which has been consulting on reform of the leasehold property system for the last two years. The commission says reform must be fair to both leaseholders and to […]
Solicitors generally advise clients against buying a flat with less than 70 years left to run as its difficult to get a mortgage. Are they right thnough – what if you have found a bargain?
The legal side of buying a flat is much more complicated than a house and can catch out the unwary
This new Property Chamber involves more than just a change of name – it will operate under different rules and procedures. Read more about the changes here
Our simple table helps you decide on whether and when you should apply for a lease extension.
If a buyer insists upon arrangements being made for a lease extension before completion, there are two choices open to the seller and buyer.
This article discusses some of the things that your Solicitor will do to make sure that your lease extension is completed quickly and with as little stress as possible
Most applications for a lease extension are settled agreeably between leaseholder and freeholder. – but what happens if the cost and terms cannot be agreed?
Many flat-owners fall into the trap of delaying a lease extension until they want to sell, only to discover that buyers cannot get a mortgage unless the lease has already been extended.
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.
Are you better-off negotiating a lease extension informally or by statutory procedure? Which? suggest DIY is a money saving way of doing things but are they right?
Why is it harder to sell a flat which only has a short lease? Buyers are generally put off for the following reasons
Deterred buyers may think they are looking at a freehold flat – they may be mistaken
Tony Lilleystone of Fridaysmove makes the case for commonhold property ownership over leasehold.
Fridaysmove’s review of Liberal think-tank CentreForum’s report on leasehold property ownership concludes that their recommendations do not go nearly far enough
Channel 4’s ‘Property nightmare – the truth about leasehold’ program focusses on extortionate charges for so-called repairs and maintenance works
You might be think that as you already have a lease, this is quite unnecessary. Surely a short document saying that the term granted by the existing lease is extended by 90 years would be sufficient?
Tempted to approach your freeholder with an offer to extend your lease? STOP – READ 6 Reasons to get a professional valuation first
It looks as if the anger flat-owners feel over outrageous service charges and management fees imposed by freeholders and their managing agents is at last being heard…
Don’t confuse Freehold with Share of Freehold when buying a flat. To do so could be to underestimate the real cost of ownership.