Lease extension- 41yrs. unexpired, £3500 ground rent

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    #16
    In most cases a 945ft property will have a value in excess of £1M in Mayfair.

    In the first instance I would get a realistic valuation for the property with both a long lease/share of FH ,and with the current 40 yr lease. If the difference is in excess of 300K, then you can go forward. There is nothing to stop you or your surveyor negotiating the premium down.

    If you seriously want do this however, I would advise you to hire a surveyor and solicitor experienced in these matters to serve the relevant notices ASAP. This will both fix the valuation date and concentrate the minds of the freeholder and increase the chances of the premium being reduced in your favour, in my experience.

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