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Category: UK Property Law
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Experience:  BA (Hons), PgDip, Practising Solicitor
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I bought my flat in 1986. it was a leasehold with 92 years

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I bought my flat in 1986. it was a leasehold with 92 years on the lease given that the original lease commenced in 1979 for 99years. in 1998 I bought the freehold. it is a converted 1900's terrace house and I live in the upstairs flat. the downstairs flat is leaseholder. I am 100% freeholder and there is me as a leaseholder (upstairs) and downstairs as a leaseholder. I am also the leaseholder with a lease of 67 years to go. i have been told by the halifax that as my lease is less than 70 years they are not willing to remortgage it. is it easy for me to extend my lease given that i am the freeholder (also)? can i do this for a peppercorn amount just to legalise it ? if not how much would i need to pay myself as the freeholder? how long would this take a solicitor to arrange? I need to get this done within a maximum of a month? any idea how much this would cost and what it would involve? Obviously i will need to appoint a solicitor - can you advise what information i will need to supply. i do not have a copy of the freehold document as the solicitor that organised it has closed(aj gover & Co) also i only have a copy of the original leaseholde agreement - so where can i locate these and what is the cost? is there anything else i need to supply so i can get this sorted asap? thank you jennie
Submitted: 3 years ago.
Category: UK Property Law
Expert:  Thomas replied 3 years ago.

Hi Jenni,


Thanks for your question.

 

If you are the sole freeholder then it will be relatively easy to extend your lease. You will need a solicitor to do this for you as the lender will insist on a licensed conveyancer acting for them to ensure their charge is perfected post extension.


It will either be by way of a new lease or a deed of variation. It should not be that expensive £300-400 + vat approx. The lender will probably require that there standard form Deed of Substituted security is executed and your solicitor will have to get in touch with them. This should be avialable within a month but you really need to see a solicitor at the beginning of the week.

 

Once the extension is registered you will be free to remortgage.

 

The freehold title will be registered at the Land Registry and the conveyancing will be able to download a copy for the sum of £8.00.

 

There need not be any money changing hands for the extension.

 

You will simply have to take a copy of your lease the solicitor an details of your property.

If this is useful please kindly click accept so that I may be rewarded for my time. You will be free to ask follow up qusetions.

Kind regards,


Tom

Customer: replied 3 years ago.
thanks Tom, is there a way that I can locate my lease and also my freehold documents? ie are these kept on an internet where I can locate them or would it be best just to let the lawyer locate them? I do not have my actual lease docs in my name nor the freehold as held by solicitor who did the purchase of the freehold and no longer there. any idea how i can locate AJ Glover solicitors.?
also do you know why mortgage cos do not like to lend to a freeholder? surely its better for them?
thanks
Expert:  Thomas replied 3 years ago.

Jenni,

 

Thanks for your reply.

 

A copy of your lease and the registered titles for both the freehold and leasehole interest will be held at the Land Registry. This is how one proves legal title in properties these days and they are in effect your deeds. A solicitor will easily be able to to get hold of a copy, it's extremely straightforward.

 

If in fact the property was not registered at the time of purchase (unlikelyt) then the lease will probably be with your lender rather than your old solicitor.

 

Lenders lend on interests of land, not the identity of person. The will not lend on the freehold of the property whilst it is subject to leases as here. They will lend on the leasehold interests which is what they will do in your case.

 

Trust this clarifies, if so please click accept.

Kind regards,


Tom

Thomas, Lawyer
Category: UK Property Law
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Experience: BA (Hons), PgDip, Practising Solicitor
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