Flat's lease extension

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    Flat's lease extension

    i am confused.
    i am planning to put my flat on the market, 70 year lease.
    i am told by my lawyer and real estate agent that i should get an agreement with the freeholder as to the premium before putting it on the market, because once we had an agreement we don't need to go through the formal process of serving licence.
    but i am also told by the same people to serve the licence and assign benefit to the buyer.
    i hired a valuer and he said the premium would be 22.000bp. Now the freeholder wants me to pay for another valuer on behalf of him, i guess he wants to be sure that the price shouldn't be higher.
    the more i study this leasehold thing the more confused i get.
    what gives?
    gisela

    #2
    Keep calm!
    1. You have (I assume) owned the leasehold for >2 yrs.
    2. You therefore have a legal right to buy freehold reversion: Leasehold Reform Act 1967.
    3. You establish this right by serving a Notice of Claim.
    4. Once served, that Notice's benefit can be passed over ("assigned") to your purchaser, even if f/r purchase price has not been agreed yet.
    5. The Act requires that leaseholder (=you) pay freeholder's legal fees and surveyor's fees. The valuer whom you have yourself engaged is working only for you; the freeholder's valuer/surveyor is working for him/her.
    6. I recommend that you get your solicitor to explain to you- in full- your legal position and rights; that's what you're paying him/her to do, isn't it?
    JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
    1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
    2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
    3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
    4. *- Contact info: click on my name (blue-highlight link).

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