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Sep, 2014

Thursday

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  1. Replies
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    Thanks. Should I push for the 71 years flat to...

    Thanks. Should I push for the 71 years flat to extend their lease prior to the freeholder selling the freehold? That way it will be cheaper for us to buy the freehold?

    At the end of the day, the...
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    Essentially, 4 flats have ground rent of a...

    Essentially, 4 flats have ground rent of a peppercorn (as leases have been extended) and 1 flat pays £100 per annum. The lease extension for the 71 year flat is around £50k. The property is located...
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    I had a chat with the freeholder earlier. He...

    I had a chat with the freeholder earlier. He definitely wants to sell the freehold and has been approached by an external investment company keen to buy. He knows that by law he must offer the...
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    Thanks again for your help. What's the FTT?

    Thanks again for your help. What's the FTT?
  5. Replies
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    Thank you. My concern is that I paid a premium...

    Thank you.

    My concern is that I paid a premium 2 years ago to extend my lease by an additional 90 years, so I now have 161 years unexpired. If now I want to buy the freehold (to share with at...
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    Freeholder is selling the freehold

    Hello

    I have heard that my freeholder is looking to sell the freehold. The building is made up of 5 self contained flats, each individually owned on a long lease. The freeholder does not own any...
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    That's what I have done and I also furnished my...

    That's what I have done and I also furnished my freeholder with a copy of my letter to the next door's surveyor.
  8. Replies
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    mk1fan, The freeholder of the building where I...

    mk1fan,

    The freeholder of the building where I live is different from the one who owns the building next door and which is to be extended. So my understanding is that the freeholder of my building...
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    Thanks for your responses. I sent an email to my...

    Thanks for your responses. I sent an email to my freeholder this morning and am awaiting a reply. It really sounds to me like this is for my freeholder to deal with. All leaseholders have received...
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    Party wall issue

    Hello,
    I own a long lease on a flat (163 years remaining) in a victorian converted building. I know the freeholder who lives at a different address and all 5 flats in the building are owned by...
  11. No, your property purchase is independent from...

    No, your property purchase is independent from the lease extension. They are two separate transactions. You first buy the lease as it currently stands (70 years remaining) and extend once the...
  12. There is a way to not wait for 2 years before...

    There is a way to not wait for 2 years before extending the lease. Get your vendor to serve notice (section 42) to the freeholder in between exchange and completion with a clause on the contract...
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    Audit fees in service charges

    My freeholder includes audit fees in the annual service charge invoice on the grounds that there is a requirement to audit the income and expenditure relating to the management of the property.

    Is...
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    You cannot stop people having a terrace because...

    You cannot stop people having a terrace because your privacy would be affected. It is up to you to put up whatever is necessary to maintain your privacy. Don't go down this route with the council, it...
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    You can try and report to the council that you...

    You can try and report to the council that you are concerned about the potential risk of vegetation planted in containers falling down and causing damage due to wind or other hazards. The...
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    Well if you don't put up any structures and don't...

    Well if you don't put up any structures and don't do any works to get a proper terrace, then effectively you are simply walking on your roof. Why can't people have the right to walk on their roof if...
  17. The statutory lease extension is for a duration...

    The statutory lease extension is for a duration of 90 years at peppercorn ground rent. This is law. You are free to accept the freeholder's offer but you are also entitled to exercise your right for...
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    I fail to understand how this "roof terrace"...

    I fail to understand how this "roof terrace" interferes with your own property. Are you concerned about the noise of potential parties taking place on the roof or is there something else that...
  19. Fishfingerz, The timing of the lease extension...

    Fishfingerz,

    The timing of the lease extension (section 42 + section 45) is not dependent on your purchasing of the property with a lease of 73 years left. In order to make sure that the vendor...
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    It is highly unlikely that the exterior of the...

    It is highly unlikely that the exterior of the roof would have been demised to the top floor. Perhaps the inside of the roof has if the top floor flat is directly under the roof with no gap between...
  21. I went through this process myself when I bought...

    I went through this process myself when I bought 73 years left on a lease. First thing to do is to put your offer in. You like the flat, go for it. Once the offer is accepted, get your solicitor to...
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    Depends whether the roof has been demised to the...

    Depends whether the roof has been demised to the leaseholder or not. The lease should be clear on what's included in the demise.
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    That's an interesting point of view which I...

    That's an interesting point of view which I hadn't thought of.

    Do you mean that the market value of a flat with a lease of 162 years remaining is the same as if the same flat had a share of the...
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    Jointly buying freehold

    Hello all,

    I need some advice please.

    I own a flat in a converted building on a leasehold basis. I extended my lease last year by purchasing the additional statutory 90 years, so my lease now...
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    He needs to work out the financial implications...

    He needs to work out the financial implications of each option and then decide.

    The freeholder is not obliged to sell the freehold. He may grant a lease extension but that comes with a price. If...
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