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Flat leasehold/freehold purchase
Mish_Mash
Posts: 98 Forumite
Hi
I'd appreciate any advice you have on the following.
I own a 1 bedroom leasehold flat in London. I had intended to sell the flat but recent property price hikes and lack of property on the market have made me reconsider and I am now thinking of staying put for at least another 3 - 5 years.
Key concerns are:
1. There is 75 years left on the lease - I am concerned that as the lease term reduces I may have problems when I come to sell. Should I be worried about this?
2. The freeholder has asked if I would like to extend the lease/buy the freehold. She hasn't stated a price but has said that I must use her solictor and surveyor at a cost of approximately £1200. I am loathe to spend this money unless I know (approx) what she would expect me to pay for the freehold/lease - I simply can't afford to lose this money. Does anyone know what the going rate is for a lease extension on a 1 bed top floor Edwardian conversion with no parking/outside pace in North London/Enfield? FYI - I can't speak to the leaseholder, she only communicates via written letter. She is a solicitor and the previous owner has told me that she is a bit of a nightmare so I am quite wary of her.
3. If I did stay I would like to extend into the loft. I have checked my lease and I own the loft space up to the roof. I know I would need the freeholders permisson to do this work but could she also demand payment from me?
4. If I did want to renew the lease, would it better to do it before, or after the loft extension?
Sorry to bombard you with questions but I have had no joy finding info re the above and need to make an informed decision.
Thanks in advance for your responses.
I'd appreciate any advice you have on the following.
I own a 1 bedroom leasehold flat in London. I had intended to sell the flat but recent property price hikes and lack of property on the market have made me reconsider and I am now thinking of staying put for at least another 3 - 5 years.
Key concerns are:
1. There is 75 years left on the lease - I am concerned that as the lease term reduces I may have problems when I come to sell. Should I be worried about this?
2. The freeholder has asked if I would like to extend the lease/buy the freehold. She hasn't stated a price but has said that I must use her solictor and surveyor at a cost of approximately £1200. I am loathe to spend this money unless I know (approx) what she would expect me to pay for the freehold/lease - I simply can't afford to lose this money. Does anyone know what the going rate is for a lease extension on a 1 bed top floor Edwardian conversion with no parking/outside pace in North London/Enfield? FYI - I can't speak to the leaseholder, she only communicates via written letter. She is a solicitor and the previous owner has told me that she is a bit of a nightmare so I am quite wary of her.
3. If I did stay I would like to extend into the loft. I have checked my lease and I own the loft space up to the roof. I know I would need the freeholders permisson to do this work but could she also demand payment from me?
4. If I did want to renew the lease, would it better to do it before, or after the loft extension?
Sorry to bombard you with questions but I have had no joy finding info re the above and need to make an informed decision.
Thanks in advance for your responses.
0
Comments
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Hello, I can't help on the rest of it , but I can help with the lease length. I personally have had all my flats with this approximate lease length and have had no problems, buying or selling. Stay there five more years and it might be different. I think it has to have 60 to mortgage with most banks. Once you have been there two years you can apply for an extension. If you choose to sell you can then sell this right to extension to your buyers, you just start the process and they finish it. That way it doesn't have to be you that does it.
Google leasehold extension and you will find lots of sites to help, alternatively search on this forum. Hope somebody can help you with the rest.Annabeth Charlotte arrived on 7th February 2008, 2.5 weeks early
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