Leasehold Extension

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    Leasehold Extension

    I own a flat with 72 years lease which I want to sell. So , I'm looking into the lease extension. I fear it will be way over £15K which I know I can reduce the asking price by, but wondered if anyone has had recent experience of negotiating and extension? Whether its worth using a lease company to do the work for me? I feel that if we offered £10K for a upto 99year lease they would be stupid not to snatch our hands off, in this financial climate.

    we have paid for a valuer who is due next week.

    thanks
    Ian

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  • Reply to 87 Years left on Lease - Cant buy freehold until 2 years?
    by L4NDLORD
    If you have a solicitor ask him to download a copy of the lease from HM Land Registry, it will inform you of the rent payable etc. Costs about three quid, plus your solicitors time (ten minutes!)
    29-01-2022, 00:57 AM
  • 87 Years left on Lease - Cant buy freehold until 2 years?
    by pt888
    A property recently came back onto the market for the reason being that the previous buyer was unable to lend money from his bank due to the lease only having 87 years remaining, the estate agent therefore said that going forward only cash-buyers would be considered. Out of those cash buyers i was selected....
    28-01-2022, 20:38 PM
  • Reply to 87 Years left on Lease - Cant buy freehold until 2 years?
    by L4NDLORD
    The city will probably insist you served notice and that they obtain a valuation for which you will almost certainly have to pay. Even so with 87 years unexpired its still not going to cost very much, a few thousand pounds. The solution to your question is to ask the seller to serve the notice on the...
    29-01-2022, 00:56 AM
  • Reply to Lease extension triggers doubling ground rent change
    by L4NDLORD
    it is quite true that the professionals unnecessarily make a meal of this type of work. One of the planks of my submission to Professor Hophins was that the landlord's costs should be limited to 500 pounds. I also suggested that relativity be standardised nationally (accepting that there would be winners...
    29-01-2022, 00:51 AM
  • Lease extension triggers doubling ground rent change
    by SouthernDave
    Has anyone had dealing with doubling ground rents?
    i have just asked for a quote for a lease extension and they are proposing new ground rent terms of a doubling ground rent every 25 years. My commercial guy has said some lenders don't like these which may reduce the value of the property of i...
    25-01-2022, 22:53 PM
  • Reply to Service charges according to floorspace vs lease stipulation
    by sgclacy
    So the new lessee who wishes to challenge the proportion would have seen BEFORE he purchased the flat what percentage he was to pay - the unfairness of the bargain was patently clear BEFORE he purchased and may we’ll have been reflected in the price paid for the flat. So notwithstanding all of that...
    28-01-2022, 22:45 PM
  • Reply to Water Leaks Again and Again and Again...
    by bigalxyz
    There's no single cause - there have been multiple leaks - each time a different cause. Blocked bath overflow, leaking washing machine hose, leaking toilet cistern inlet, failed balloon valve in toilet, shower screen not fitted properly...all kinds of things. Just general neglect. Owner's never there,...
    28-01-2022, 22:32 PM
  • Water Leaks Again and Again and Again...
    by bigalxyz
    Director of RMC - 11 flats in London
    There seems to be a long standing problem with the plumbing in the bathroom of one of the flats. 4 water leaks in the last 18 months, causing damage to the flat below.

    Is there anything the RMC can do to compel the leaseholder of the problem flat...
    28-01-2022, 16:05 PM
  • Reply to Water Leaks Again and Again and Again...
    by bigalxyz
    Thank you.

    I plan to leaf through the lease at the weekend - there may well be clauses along the lines that you suggest (it does ring a bell). Also I do know that there's a clause along the lines of "leaseholders mustn't do anything to mess up the insurance of the building, and are...
    28-01-2022, 22:30 PM
  • Reply to Water Leaks Again and Again and Again...
    by Macromia
    What it says in the lease is mostly what you have to rely on. I would be looking for any clauses that the flat needs to be kept in a good state of repair, and in particular anything that mentions keeping the pipes that serve the flat in a good state of repair and replaced when necessary and anything...
    28-01-2022, 20:53 PM
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