Thanks Hoopoedi, will give William Bailey Solicitors a call next week.
Sally - Iím looking to sell, HA cannot find a buyer so will be on Open Market, but the remaining years on lease is low, I just want to discuss my options with someone before making decision.
Estate Agents have cash buyers interested but at very low price. But really need to sell property soon.
Woman of Dulwich - Lease is under 70 years, and Iíve looked into adding on another 90 years. From what the HA are telling me I can start the process which requires small admin fee and thatís all on my part as Iím looking to sell. But I still want legal advice as Iím finding the HA being a little difficult.
Unfortunately due to personal circumstances I need to sell quickly.
Cash buyers interested through Estate Agents but at knock down price.
Disturbed to learn you have a cash buyer interested as I thought the ethos behind shared ownership properties was so that those without these kind of resources are able to get onto the property ladder. Does the sale need to be approved by the HA?
HA cannot find a buyer and itís very difficult when seller owns larger share. And they are very keen on getting their % and have no issues with cash buyer which was expressed more than once. Yes Sale Edís to be approved and they will do so Iíve been informed.
Estate Agents say it will probably be on open market a while, hence they looked into cash buyers.
Strange the HA is not being more helpful in extending the lease as this would make it easier for them to find a buyer, also I would have thought if you own the majority share they could purchase a percentage. Anyway, hope you get sorted soon. We also used David Coombs at William Bailey to extend our lease but a different scenario as we were both leaseholders and freeholders.
nxjen would you mind sharing how much Wm Bailey charged ? I am a leaseholder/freeholder and need to extend lease and I'm wondering how straightforward this will be .I feel it should be straightforward but fear a solicitor may make it complicated . Maybe by PM if you were willing ?
shazza I'm sorry things haven't worked out for you .Do hope you can fond a good solicitor and EA to help .I have heard good things about Noflies . Best of luck - you'll get there !
intexasatthe moment Wrote:
> nxjen would you mind sharing how much Wm Bailey
> charged ? I am a leaseholder/freeholder and need
> to extend lease and I'm wondering how
> straightforward this will be .I feel it should be
> straightforward but fear a solicitor may make it
> complicated . Maybe by PM if you were willing ?
I own a flat in a block where the freehold is owned by a ltd company comprised of the four flat owners. Last year, someone was selling and we expected it to be very straightforward. Agreeing the extension with a peppercorn lease was easy. But because it involves granting new leases, and particularly if there is a mortgage involved, you do need a solicitor. Itís almost like a mini-conveyance. We looked into a number of solicitors and were shocked by some of the charges. I didnít extend mine at that point but seem to recall from the seller who did, that it was the better part of £1500.
It is generally a good idea if all leaseholders in this situation extend at the same time as the landlord/freeholder is entitled to make a charge for extending which if all flats were extending would not happen as there would be mutual benefit. However if one flat had already extended their lease it would put them in a better position to charge as they would not need the agreement of their fellow freeholders.