Lease extension/share of freehold ballpark costs

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  • Gordon999
    replied
    Originally posted by Deepwater View Post
    Very surprised at this news.

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  • Deepwater
    replied
    Originally posted by Gordon999 View Post
    and Darlingtons .
    Gone, bust.

    https://www.rollonfriday.com/news-co...aming-covid-19

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  • Gordon999
    replied
    Andrea ,

    Try getting a quotation from 3 different law firms for cost of statutory lease extension for all 10 flats ( with freehold title of the building ) .

    Including enquiry to Kenneth Elliot & Rowe , Ilford with quotation ( legal cost for freeholder side or for both sides ) ? and to Samconveyancing and Darlingtons .

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  • Andrea Cunningham
    replied
    Originally posted by sgclacy View Post
    Assuming the leases do not require variations other then to increase the term and lower the rent then assuming all lessees appoint the same solicitor I would have thought an overall costs of £3000 plus VAT with an additional sum for dealing with the mortgagee on one of the flats

    The situation is that only one flat is mortgage free, the other 9 are all mortgaged.

    And yes, on the assumption that one person coordinates all 10 lessees.

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  • sgclacy
    replied
    I would add this is on the assumption that one of the lessees co- ordinates the process so the solicitor is dealing through one lessee and not dealing with 10 different lessees

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  • sgclacy
    replied
    Assuming the leases do not require variations other then to increase the term and lower the rent then assuming all lessees appoint the same solicitor I would have thought an overall costs of £3000 plus VAT with an additional sum for dealing with the mortgagee on one of the flats


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  • Flashback1966
    replied
    You need to shop around. Avoid call centre law firms. The solicitor can act for the Freehold company, as long as there is no conflict of interest.

    From what I understand (I could be wrong), but the Leaseholders can serve a S42 notice on the Freehold company. This will be a statutory lease extension. This side-steps a lot of mortgage company stuff. Without S42, there are mortgage company related issues. The solicitor can act for both sides.

    In terms of cost, if all the leases are the same, then a lot of the work is cut and paste. They need to do a lot of client care letter, ID checks etc...






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  • Andrea Cunningham
    replied
    Thanks - AFAIK only one property is mortgage free. The price we have been ballpark quoted is £750 to do the freeholder's side, and £600 for the leaseholders x 10. All +VAT, so over £8000 in all. As you point out, I can't see why FH needs representation since all 10 leaseholders ARE the freeholder, and there is also no price to negotiate.

    What would you ballpark for mortgaged properties?

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  • AndrewDod
    replied
    People with mortgages must pay more -- it is not a free ride on others.

    It is not a lot of work. Just one easy lease extension like this (FH should charge zero and be unrepresented) would be less than £500 by any non-crooked solicitor not-cheating on time (without a mortgage). So a package deal of 10 - maybe £300 for non-mortgage holders.

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  • Lease extension/share of freehold ballpark costs

    Can anyone suggest a very rough ballpark figure for the following?

    10 leases with all leaseholders being members of the freeholding company. If all 10 leaseholders want to extend the leases, what sort of legal fees do you think would have to be paid?

    Obviously there wouldn't be any negotiation on price/terms etc., but as I understand it there is still quite a lot for a solicitor to do for each lease such as dealing with mortgage providers etc.

    What sort of amount might we reasonably have to pay? Assuming all 10 want to go ahead.

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