Legal Costs for Lease Extension

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    Legal Costs for Lease Extension

    Can you advise....

    I have done quite a bit of background work to understand the Lease Extension process……..

    Just to share my circumstance…

    I qualify for Lease Extension as I have lived in the property for 13 years….

    99 years lease were granted in May 1985, so currently there are 76 Years left…

    Ground Rent is approx. £90 and will rise in the future years

    My Maisonette is approx. worth £160,000 , however I do not see the value increasing with a further extended lease in the current climate and environment. The objective for the Lease Extension is to have security of Property for the future years and plus it will get even more expensive, to extend, the longer I leave it….

    The property I live in is in west london


    The couple of calculations I have done, estimate the premium to be between £5000 to £7000, however what is an unknown is the Solicitors and Surveyor costs involved….??

    I have contacted the Landlord and her solicitor…. From the brief correspondent they would like to formally progress if I was to continue with the lease extension….
    The solicitor could not give me an estimate as to what their costs would be and in turn if I would need to pay for 2 surveyors i.e. my initial one and then if the Landlord decides to have an independent one done as well…


    The clarification I require is firstly what would your estimate costs be for a Chartered Surveyor and Solicitors costs
    And secondly are my estimates of between £5k - £7k correct….


    I appreciate any assistance in gaining understanding of Surveyor / legal costs

    Thanks

    #2
    London costs are far greater than those elsewhere in E&W. As lessee, you have the unenviable position of:
    a. legal responsibility for L's costs (solicitor re conveyancing; surveyor for valuation); but
    b. no ability to challenge either sum (because challenge can be exercised only by a client).
    JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
    1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
    2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
    3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
    4. *- Contact info: click on my name (blue-highlight link).

    Comment


      #3
      Lease Extension

      is there an estimate for legal costs, as there is for calculating premiums for lease extensions...

      If anyone has a guide or has extended their lease and could share as to what the costs may be for a solicitor and a surveyor....

      many thanks

      Comment


        #4
        600 GBP plus VAT is a quote I recieved. Not sure if this helps

        Comment


          #5
          No surveyor's fees. Freeholder & myself agreed a figure between us for an extension to 99 years. My legal costs were £452 + £570 for his. Total £1022 inc VAT. Hope this helps a little...

          Comment


            #6
            Originally posted by west London View Post
            is there an estimate for legal costs, as there is for calculating premiums for lease extensions...

            If anyone has a guide or has extended their lease and could share as to what the costs may be for a solicitor and a surveyor....

            many thanks
            £600+VAT for solicitor and same for surveyor is probably reasonable in West London. That's £1,800 + VAT if you are going to use a surveyor to value the LE and give you advice.

            I believe you can challenge the third party costs in an LVT. We did a CE for 4 flats. Freehold cost £5,200, legal and surveyors costs were the same!

            Comment


              #7
              Thanks for the replies,
              the quotes I have had so far, for solicitors are double + vat compared to some of the replies...!

              Comment


                #8
                Can anyone recommend, A Surveyor and Solicitor that they have used in the West London area... for Lease Extensions

                Many Thanks

                Comment


                  #9
                  Originally posted by west London View Post
                  Can anyone recommend, A Surveyor and Solicitor that they have used in the West London area... for Lease Extensions

                  Many Thanks
                  1. Cannot say re Chartered Surveyor- but ensure that the surveyor whom you appoint has expertise with:
                  a. this type of property; and
                  b. in the locale of this property.

                  2. However, any solicitor familiar with leasehold extension conveyancing work can act. He/she need not be London-based, and appointing someone outside London would achieve quite a saving in your legal fees. Send me a pm if I can help.
                  JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
                  1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
                  2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
                  3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
                  4. *- Contact info: click on my name (blue-highlight link).

                  Comment

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