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Extending lease with share of freehold
Gungho
Posts: 11 Forumite
Evening all.
I live in a ground floor flat converted from a house. I have a mortgage with about 9 years left. I share half the freehold with the people who own upstairs. . My lease for my flat is getting low and as am due to apply for new deal I want to find out the cost of extending it. The upstairs owner will be happy to sign it (he lives in London) if I pay for his solicitors / ID visit and there will be no premium. The quotes I am getting back are both varied and some of them are really high. Is anybody able to tell me what the typical range is please?
I live in a ground floor flat converted from a house. I have a mortgage with about 9 years left. I share half the freehold with the people who own upstairs. . My lease for my flat is getting low and as am due to apply for new deal I want to find out the cost of extending it. The upstairs owner will be happy to sign it (he lives in London) if I pay for his solicitors / ID visit and there will be no premium. The quotes I am getting back are both varied and some of them are really high. Is anybody able to tell me what the typical range is please?
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Comments
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What is the state of their lease?
Can you be more specific about the ownership? Is it owned by a LTD of which you are a 50% shareholder? If so who is the director(s) and what do the articles of association say about dealing with disputes?
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No the owners of each flat (me and upstairs) own 50% of freehold each. I agreed to his lease extension a while ago and he’s happy to agree to mine but prices are ranging from £1k to £2k so far. I thought it would be less!0
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And regarding leasehold, we don't have any type of management company. We each have insurance on our own property and pay half of maintenance costs that come up.0
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I'd put this on HBR&S as there's no mortgage issue and more replies are likely over there.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.1
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