I own a flat which is Leasehold,when should i extend my lease? Cost a lot?
928549
Short answer is it depends. Depending on where the flat is and how long is left on the lease are the two main factors. Take London for e.g. Leases in Mayfair, Knightsbridge for e.g. are typically less than 60 years and extending them can cost many 10's of thousands. A flat in Fulham could have a longer lease and cost less to extend - friend spent £15K extending the lease by 100 years. \nEssentially it's up to the owner of the lease.\nIf you were looking on selling the flat then it is best to extend the lease before selling if there is less than 40 years on the lease.
730190
It's usually a painfull process for most people, but I believe the standard coveyancing guidelines suggest a non-complex sale should take around eight weeks from offer acceptance to completion. Things to look out for are whether the property is freehold or leasehold. If it's leasehold (common in London flats) you won't actually own the property. Your money is buying a lease for however many years remain. If there are less than 70 years left on the lease, it can start affecting the value. You have a right as a leaseholder to extend it though, or even buy the freehold if certain conditions are met, but both of these options can cost a bit. Also if it's leasehold, you'll have to pay a annual management charge and ground rent to the managing agent (this can be the owner of the freehold) to cover maintenance of the shared parts of the building. Solicitor charges vary by property value and the firm you choose to use, but a good solicitor is worth paying a little more for. Recommendation is a good way to find a good solicitor. Be prepared to chase, chase and chase again to keep the momentum going throughout the process as conveyancing solicitors are reknown for taking their time.
844382
What does your lease say?  If you are at the end of your term, then you start renting "month to month" and the landlord can raise the rent, usually with 30 days notice.  You of course have the option of moving out.  If the rent hike is too high, you might try talking with your landlord first.  It's usually easier to deal with steady, paying tenants than trying to re-rent to a new tenant.  Good luck!
935772
it really vaies state to state... there really is not limit- as long as ur apartment doesnt have a thing to do with the goverment-- ex- substdized, insured, etc\n\ni livved in denver-- very nice apt-- 3rd floor- fireplace, parking, pool, fitness, heat--- i paid 450 a month- a steal-- the 4rd year went to 875.... nothing could be done  \n\ncheck ur contract---... most cant be raised if u have a 1 year- within that year- unless the ownser occurs very high bills- like oil, eletric..\n\ngood luck
141105
Make sure you can get out of your lease first then present those facts to your current landlord. If they dont give you a break, move.
493058
That sounds mighty high. Then again if you pay your rent later than 15 days and you are on a lease you are technically in breach of the lease agreement.
1183256
I work in rental property and we only charge a security deposit once upon moving in.  You need to read your lease FULLY.  There should be a clause about your deposit, but under normal conditions you should'nt be charged when renewing.
708516
Its call a buy out fee.  If you have 11 months remaining, you are breaking your lease.  The 1700 deposit and the buy out fee will fix any damages and cover the rent for the next 3 months.  He expected 11 more months of guaranteed rent from you, so a buy out fee is your price to break the lease.  Its not bad concidering he could have charged you 6 months instead of 3.  Even if it does rent out in 30 or 60 days, its your penalty for breaking the lease, gives him time to clean, repair, and rerent.   It is NOT a reletting fee.  Its a buyout or penalty fee.\n I use a buy out fee of 2 months rent on my 1 year residential leases.
22102
Well you'll have to do the math.  If you purchase you can depreciate the asset.  If you lease you will save $ up front and can use the money you saved to invest in your business.
533135
It depends on your lease agreement...you should have a copy.
1073154
There are so many possible "pitfalls" that I can't begin to describe them here.  Most commercial leases I've seen are 30-40 pages of single-spaced typing on legal size paper.  That means an awful lot of possible pitfalls.\n\nI recommend that you have the lease reviewed by an attorney before you sign.  The attorney will explain each of the provisions to you and may be able to negotiate some of those possible pitfalls with the landlord.
820735
Legally, you now have to register as a landlord - this can be done online, and there are fees! Also, any deposit is held by a third party (bureaucracy...) I would reccommend checking up on your tenants regularily (ie every three months or so) as tenants can split up/ find partners who aren't as tidy or respectable as the person to whom you have leased the property. Also, ensure that all names of parties leasing from you are on the lease so that they are all equally resposible for the state of the property when they leave. Short term assured tenancy is the only one whereby the tenant has no rights to stay in the property once the lease has expired, and this means the property needs to be furnished too! Also, ensure that the tenant is aware of his responsibilities regarding tv licence and council tax (in writing, in the lease - it is well worth getting the first lease made up through a solicitor - you can then copy it for consequent leases. Also, always get the tenant to sign an inventory, detailing all items (include curtains, lampshades on all lights, etc - you'd be surprised! and it is a good idea to get them to sign the backs of photos of the property detailing the condition it was in when they leased it...
480501
I have been wondering this myself.  You are so right, life isn't sure at all.  I have a lease where I am at until December and he has a lease where he is at until October.  ... I would like to buy a house in a couple of more years and I am not sure when it would be good for him to move in or if we will even still be an item.  It is just something out there.  Guess you just have to go with what you feel is best.
884704
Evaluating the freehold value is a tricky thing. Do you own a third of a freehold management company for all the flats, or is there some other arrangement where you own the freehold reversion in one of the other flats in the building?\n\nI'd use the method for calculating a price as if I were buying the freehold from a different landlord.\n\nThis is a useful site\nhttp://www.lease-advice.org/cevaframe.htm\n\nYour estate agent or surveyor should be able to help you.
839345
The landlord can ask a tenant to pay for whatever they want.  It's up to YOU if you want to or not.  If you don't, I would suggest looking else where, where it's not included in the lease.
708982
No, just as we landlords can't raise your rent in the middle of the lease if you got a promotion or bonus check. Just talk to the landlord and see what the two of you can work out.\n\nRegards
801967
i never paid management fees while i was renting it was only when i brought my property i had to pay. the management bill is responsibility of the owner it should say in you contract what your rent money goes towards. if it doesn't tell the landlord that you where not aware of this extra charge and ask how much it is it normally is a set monthly payment.it goes towards the maintenance and sometimes the insurance of the apartment it sound like its a leasehold property. if you decide to pay make sure you get a receipt to prove that you have paid your landlord can write one out and sign it.