Freeholders extending the leaseholds to 999 years - is this straighforward?

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    Freeholders extending the leaseholds to 999 years - is this straighforward?

    Hi,

    We are a group of 4 flat owners who jointly own the freehold on the building through a non-trading management company. We bought the freehold in around 2003 but were not advised at the time to extend the leases to 999 - it just wasn't seen as important at the time, for some reason. Now we would like to do this, but I am not sure how to go about it. Is this something straightforward that can be drawn up by a lawyer or accountant? Is there any kind of guide online somewhere? Or do I just need to go ask a solicitor about this? Any idea of how much you'd expect to pay for the legal fees for this?

    Also, a second question about extending the leaseholds and tax. I read somewhere that if a long time has elapsed between when the freehold was bought and extending the leaseholds (as in our case), we could be liable for capital gains tax. Does anyone know about this? How much would we have to pay and is there any (legal) ways around it?

    Many thanks for your help with these!

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