Hi All,
I own a 1 bedroom flat on a high street in Penge, London. The flat was bought 3 months ago for £95 000 with a lease of 76 years left. I have approached the freehold owners who are happy to extend my lease to 125 years for £8,500!
This is extremely high in my opinion. all the lease extension calculators I have used estimate around £4 - 5000.
So my question is: Is this quote too high? Secondly shouldn't i get 99 years ontop of the existing 76 years?
I have not owned the flat for more than 2 years, so I am aware I don't have much of a leg to stand on, as they are extending the lease even though I have not lived here for 2 years.
Is it worth disputing the quote?
Many thanks for any advice.
Russell
I own a 1 bedroom flat on a high street in Penge, London. The flat was bought 3 months ago for £95 000 with a lease of 76 years left. I have approached the freehold owners who are happy to extend my lease to 125 years for £8,500!
This is extremely high in my opinion. all the lease extension calculators I have used estimate around £4 - 5000.
So my question is: Is this quote too high? Secondly shouldn't i get 99 years ontop of the existing 76 years?
I have not owned the flat for more than 2 years, so I am aware I don't have much of a leg to stand on, as they are extending the lease even though I have not lived here for 2 years.
Is it worth disputing the quote?
Many thanks for any advice.
Russell
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