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Frequently Asked Questions
- I own a leasehold house. How much will the freehold cost?
- I want to extend my lease. Are there any additional costs payable other than the price of the lease extension?
- How can I buy the freehold of my building?
- How long can I extend my lease for?
- Why do I have to extend my lease?
- I own a leasehold house. How do I buy the freehold?
- What will it cost to apply to the Leasehold Valuation Tribunal (LVT)?
- What happens if we cannot agree on how much the lease extension should cost?
Frequently Asked Questions
I am considering buying a flat which has a lease of 72 years. The estate agent has said that it would cost approx £13,000 to renew. I know that I cannot do this for two years from the date of purchase. Might there be any issues with the renewal or the cost of the renewal which I should check out before I buy?
Once you have been the registered owner of the flat for 2 years you will generally qualify to extend your lease under the Leasehold Reform, Housing and Urban Development Act 1993 (the 1993 Act). However it may be possible to obtain a lease extension by negotiation without having to wait 2 years. You should take specialist valuation advice on the likely cost of the lease extension as the cost may increase if you have to wait 2 years.
If you proceed with the purchase, it is possible for the seller, provided they qualify, to start the lease extension process under the 1993 Act by serving the section 42 notice and assign the benefit of the notice to you. This will mean you can continue with the process without having to wait 2 years.
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