Extended lease on flat

[I hammer]

Good evening forum people..I am new to this site...

Some advice please...

I'm interested in buying a flat but will need to extend the lease during purchase or immed afterwards.

If I extend afterwards how much will the solicitors roughly charge me?

Circumstances:..lender is happy to lend on current lease.

All of the flats have an equal share of the freehold.

Will the solicitors just charge me for a couple hours of work? (if i extend after purchase)

Is it wiser to extend the lease during purchase? (to keep costs down)

Are any of the other freeholders likely to kick up a fuss, and demand a small fee also?

Any general advice would be greatly appreciated..

many thanks

[Carrie]

Highly unlikely that the freeholders will ask for a fee for extending the lease as you will all own a share of the freehold. Would probably be sensible for all the lessees/freeholders to extend their leases to 999 years at a peppercorn ground rent at the same time. If you would like to discuss the matter further you could phone my colleague Suzanne Day at Glazer Delmar on Northcross Road (020 8299 0021) as she specialises in lease extensions.

[womanofdulwich]

the vendor must have owned the flat for 2 years for you to qualify to extend your lease- you have no automatic right to buy a share of the freehold. I am assuming you have less than 80 years left?

The freeholders may well ask for money to buy a share of the freehold-depends how amateur they are/ well advised.If there is less that 83 years left I would get the leaseholders to serve the notice- unless the freeholders are willing to enter into a voluntary agreement to let you extend- but it may be at a higher price.Be careful to check how the freehold is made up - some of them are badly done- run by people who have not got a clue what they are responsible for. Does the person you are buying from have a share of the freehold? you say everyone does but maybe not?

[I hammer]

Hi,the flat is in a block of 12 or 24 or 36 depending how they are divided up.

The owner has owned it for about 10 years, and was a buy to let...which prob explains why it was never previously extended.

The lease has 66 yrs remaining...and i'm fairly sure (cos i looked at a flat in same block before) that the other flat's lease was over 90 yrs...that extending the lease would be trouble free but that's a guess.

Are the other freeholders really likely to ask for payment?

There is a management company that is run on their behalf.

Would it be wise to simply contact the management company in advance? (before the solicitor takes over)

Assuming the other freeholders don't want a payment from me...what is the solicitor likely to charge?

and...if the lease is extended at time of purchase...is it likely to drag out the turnaround time?

thanks in advance.

[I hammer]

Another thought...could the estate agents find this out trouble free for me..iro...previous extensions being simple / fee free from other freeholders?

[SaveShambo]

we have recently extended the leases on all 5 flats in our block - we are share of f/h and it wasnt that expensive - more time consuming in terms of waiting for land registry and mortgage replies etc. Would also recommend Suzanne @Glazer delmar on NC Rd as she did ours with no hassle. If you are share of f/h then you will also be a shareholder in the freehold compnay, so all you will need is the secretary + 1 other director to sign the paperwork.

[womanofdulwich]

of course they will ask for money for an extension - about 10% of the value of the long lease.

[I hammer]

Hello womanofdulwich...please explain why you think I will be charged such a sum?

No-one else is inferring i will have to pay such a fee to the other freeholders.

(I do expect to be a shareholder in the freehold company...probably 1/12th if unit is 12 flats.)

thanks

[womanofdulwich]

because you have a 66 yr lease-as I said your freehodlers may be poorly informed- so maybe you can keep quiet?

[Pugwash]

I did hear that to get a mortgage on a lease less than 99 years was quite hard - or has this now changed