Leasehold extension- 67yrs. unexpired- cost?

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    Leasehold extension- 67yrs. unexpired- cost?

    Hi,

    One of the properties I own has 67 years left to run on the lease and I am looking at renewing the lease.

    I have contacted the management company who are obtaining a quotation, I have been given some indication as to the cost of renewing the lease and taking it back to 125 years.

    The property is a one bedroom flat worth around 90k, its has been indicated to renew the lease will cost around 6k.

    I have also been looking into taking the leasholder to a lease hold tribunial, I have recevied some good advice from the Leashold advisory center.

    The reason for my post is that I am looking for some impartial advice, I would like to know if it is worth taking the leasholder to a tribunal to get a reduction in the leasehold.

    It will cost around £1000 for this process, but I don't yet know if I will be any better of by going down this route and could potentially end up paying more than just accepting the leaseholders offer.

    Does anyone have experence or knowledge of leasehold tribunials who could advise me?

    Many Thanks
    Darren Kirby

    #2
    1. The law allows you to obtain a lease extension of 90 years at a peppercorn annual ground rent and this is what you would get from the LV Tribunal . Is the 6K offer from the freeholder to extend Lease from 67 years to 125 years come with NO ground rent payment ?

    2. Below 80 years lease, marriage value must be part of the cost of lease extension. Do you know what is the market value of your flat now ( at 67 years) and one with 157 years lease ? How many flats under your lease ?

    3. You could make a counter offer at say 3K to the freeholder.

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