Hello to you all,

I'm in need of some help and advice please.

I'm in the process of buying a leasehold flat for £109,000 with 110 years remaining and looking at doing a statutory lease extension in order to take out the doubling rising ground rent. Does anyone have an idea how much this would cost along with solicitors and valuation fees.

Do I go on the calculation based on the current ground rent of £150 pa or do I add them all up and divide, eg 150, 200, 400, 800, 1600 = 3150 / 5 = £ 630. Or it something completely different :/

The ground rent is set at £150pa at the moment and is set to mostly double every 25 years, as follows :-

£150 first 25 years ( 10 years left at this rate)

£200 next 25 years

£400 next 25 years

£800 next 25 years

£1600 next 25 years

Another concern I have will the property be mortgageable if I don't do anything about the ground rent?

I've been on a lease extension calculator http://lease-extensions.org.uk/calculator.html and there is a huge cost difference depending on what figures I put the figures in. I also assumed it would not make a huge difference in the marketing value even with the added lease extension.

Any help would be appreciated as seems very complicated.

Thanks

Gareth

I'm in need of some help and advice please.

I'm in the process of buying a leasehold flat for £109,000 with 110 years remaining and looking at doing a statutory lease extension in order to take out the doubling rising ground rent. Does anyone have an idea how much this would cost along with solicitors and valuation fees.

Do I go on the calculation based on the current ground rent of £150 pa or do I add them all up and divide, eg 150, 200, 400, 800, 1600 = 3150 / 5 = £ 630. Or it something completely different :/

The ground rent is set at £150pa at the moment and is set to mostly double every 25 years, as follows :-

£150 first 25 years ( 10 years left at this rate)

£200 next 25 years

£400 next 25 years

£800 next 25 years

£1600 next 25 years

Another concern I have will the property be mortgageable if I don't do anything about the ground rent?

I've been on a lease extension calculator http://lease-extensions.org.uk/calculator.html and there is a huge cost difference depending on what figures I put the figures in. I also assumed it would not make a huge difference in the marketing value even with the added lease extension.

Any help would be appreciated as seems very complicated.

Thanks

Gareth

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