Do I need to extend my lease if I own the freehold?

Does a freeholder have to extend a lease?

Am I allowed to extend my lease? Yes – if you've owned the property for at least two years you are entitled to demand a 90 year extension to be added to your existing lease from your freeholder. You only have to have owned the property, so you can still apply if you've been living somewhere else.

Do you need a lease if you own the freehold?

If you gain a share of freehold for your building, you will still own your property on a long lease. However, as a co-owner of the freehold of the entire building, you and the other co-owners now have control over lease lengths. This means that you can renew your lease and only pay for the legal fees.

Is buying freehold cheaper than extending lease?

Depending on the terms of your lease and the number of participating flat owners in the enfranchisement, buying the freehold can be around the same price as extending the lease.

Can you own both freehold and leasehold?

you can opt to become a share of freeholder, sell one of the leasehold titles (cash) and retain one yourself (although you can't create and own both the share of freehold and leasehold title in the same name); you can award yourself a very long lease (up to 999 years maximum) and remortgage your leasehold title for …

Can you negotiate freehold price?

Negotiating the freehold price It can be done informally by approaching the landlord and negotiating a deal, or you can issue a tenant's notice to the landlord detailing your offer. The landlord will then have two months to accept or reject the offer.

Is extending a lease a good idea?

Most leasing companies are happy to extend an expiring lease, which can give you some breathing room and time to make the right vehicle choice. Some lenders will allow for a simple month-to-month extension. … A lease extension is pretty easy to arrange.

Do I have a legal right to buy my freehold?

The law. The Leasehold Reform Act 1967 (the 1967 act) gives leasehold tenants of houses the right to buy the freehold. The right to buy the freehold (and any intermediate leasehold interest, for example the head lease) without the landlord's agreement is called 'enfranchisement'.

Is it dumb to put money down on a lease?

The answer is no you should not make a down payment on a car lease. If the leased vehicle is stolen or is totaled, the insurance company will reimburse the leasing company. Usually you will not receive anything should the amount the insurance company paid be more than the amount owed on the lease.

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