Need advise to extend lease when freeholder very greedy!!!

[valamiya]

Hi all,

I am new in this forum and some of my friends advise me to look into this forum for my problem.

I have flat in London and current market value is £215000. Unexpired lease is 69 years left. My freeholder is asking £13000 for another 30 years extension plus ground rent will be increased to £10pa to £200pa OR £26000 for another 90 years to add .

when I have checked online calculator I have come to figure to extent another 90 years is between 13k to 15k plus legal fees.

Can anyone advise me what is realistic price to extend my lease as I don't want to loose my money.

Thanks.

[Gordon999]

You can calculate the rough cost of statutory 90 years lease extension and peppercorn ground rent using the method previously posted in thread no. 11080 by our expert sgclacy.

If you search this forum for previous posts on "lease extension", you will find cases where the freeholders try to take advantage by offering a non-statutory lease extension back to 99 years etc at higher price and tenant paying 200 or 300 pds "modern" ground rent etc.

So its better to insist on a statutory 90 years lease extension which gives you a 69+90 years = 159 years lease at peppercorn ground rent.