Extending lease

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Extending lease

    Hello there i wonder if you could be of help i have a 3 bed flat which i brought in dec 2008(Walthamstow) for 210000 there are 95 years left on the lease. 99 year lease started in jan 2008 how much would be reasonable to extend by 90 years with peppercorn ground rent. Many thanks in advance

    #2
    The information guide for calculating the rough cost can be download from -

    http://www.lease-advice.org/publicat...nt.asp?item=10

    The guides give an example of the cost premium for flat with 95 years remaining under lease and current market value at 165K . So expect the rough cost to be around 1.5%

    Comment


      #3
      Thanks for the link i think the current market value is 215000.

      Comment


        #4
        Unless the ground rent has a review in the next 20 years the following would be my value of such a lease extentsion

        15 times the current ground plus 1% of the value of the flat

        In addition there would be the landlords cost of around £1750 plus your own of a broadly similar sum

        Comment


          #5
          Thank you did the lib dems not say they want to abolish the fees associated with extending a lease.

          Comment


            #6
            Hi there, i have 75 years left on my lease and have informally asked the freeholder for the cost of the extension. They have advised £10k based on the statutory extension of 90 years and peppercorn rent.
            I dont need a 90 year extension and dont mind keeping ground rent of say £150. How do i calculate a counter offer based on a 50 year extension and £150 ground rent?

            Comment


              #7
              I spoke to my freeholder which is rare and he told me that he would extend the lease by 5 years back to 99 years i told him that it was 90 years on top of the 94 years unexpired i wanted he told me it would cost me 3 grand plus his costs. He told me you can,t add 90 years on the lease which is nonsense how do i get the process started with a lease extension because i am getting nowhere with the freeholder. Thanks in advance

              Comment


                #8
                ground rent is 250 doubling to 500 in 33 years then 750 in the last 33 years

                Comment


                  #9
                  can i do a valuation using parry valuation chart. what do you think a fair price would be ?

                  Comment


                    #10
                    Thankyou for your help it seems alot

                    Comment


                      #11
                      You can download the free guide publication to statutory lease extension and valuation from www.lease-advice.org

                      Also you can google search for "solicitor for statutory lease extension" and get quotes for their services.

                      Comment

                      Latest Activity

                      Collapse

                      • Reply to Old managing agents accounts
                        by eagle2
                        I suggest that you apply to or take action against the freeholder directly, the agent is only acting on behalf of the freeholder. If you think that the freeholder is likely to supply information, you can ask him to volunteer it otherwise you will apply to the Tribunal. If he is unlikely to volunteer...
                        26-05-2022, 05:38 AM
                      • Old managing agents accounts
                        by jazzythumper
                        Since obtaining the RTM and changing the managing agent, we have never been given full accounts / receipts for the previous year(s). We believe that as the old freeholder and leaser holder of one of the flats were represented by the same solicitor that prior to the sale of the freehold, we were subsidising...
                        20-05-2022, 11:21 AM
                      • Reply to Old managing agents accounts
                        by jazzythumper
                        would this be a good starting point?

                        https://www.lease-advice.org/faq/how...eing-used-for/...
                        25-05-2022, 15:37 PM
                      • Reply to Old managing agents accounts
                        by jazzythumper
                        As in a simple application to the old managing agent Or freeholder? Which one?

                        To provide all accounts and payments based on the fact that we disagree with the charges? How far back can we go? And does having paid the service charges mean we have agreed to these?

                        Thanks for...
                        25-05-2022, 15:31 PM
                      • Reply to Freehold confusion
                        by Section20z
                        It's never advisable , it can cause serious issues if you have a claim affecting communal areas. For buildings insurance the whole property should be covered and the cost split between the two flats.
                        The only problem with an absent freeholder is that when selling the flat a pernickity solicitor...
                        25-05-2022, 10:02 AM
                      • Reply to Share of feehold/shared service charges?
                        by Stu1020
                        eagle2,

                        Thank you for the response.
                        25-05-2022, 09:40 AM
                      • Reply to Freehold confusion
                        by AndrewDod
                        There is no cast iron rule that the freehold "share" has to be transferred with any sale. You may need to purchase it from the friend (or his estate)....
                        25-05-2022, 09:22 AM
                      • Share of feehold/shared service charges?
                        by Stu1020
                        Hi there,

                        I'm new to the forum and looking for advice on a sticky freehold situation.

                        I own a two-bed flat in a converted building with two one-beds. The lease states that a fair proportion is payable towards the service charge. However, there has been a running agreement of...
                        20-05-2022, 11:39 AM
                      • Reply to Share of feehold/shared service charges?
                        by eagle2
                        I suggest that you ask the other 2 leaseholders to explain why they consider that the current allocation is fair. The freeholder has the right to review the allocation from time to time. Unfortunately, a "fair proportion" means that several alternatives would be considered reasonable to a...
                        25-05-2022, 06:27 AM
                      • RTM Hand Over Issues
                        by martin15
                        RTM handing over issues

                        Our RTM companies comprise 4 blocks of 6 identical two bedroom flats and each block is registered at Companies House as a separate company.
                        Following the acquisition date, it was discovered the former directors ignored legal advice and changed property management companies...
                        23-05-2022, 19:36 PM
                      Working...
                      X