Leasehold extension question

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    Leasehold extension question

    Hi,

    I am a freeholder of a maisonette in S.London.

    I have been approached by the leaseholders of the property to try and extend the lease term so that they can sell. I have been trying to research the process and arrive at a figure of how much I should be asking. Can anyone help with a ball park estimate?

    The details are ....

    i. it has a 54 year lease with £14 pa ground rent

    ii. The tenant has been trying to sell the flat for 180k

    iii. with a healthy lease and refurbishment the property is worth in the region of 245k. Without the refurbishment probably around 220k.

    Many Thanks Chris

    #2
    Ball park figure would be £30k-£35k

    Comment


      #3
      christo1: If lessee has served a Notice under s.42 of 1993 Act, he/she is also responsible for all your fees - so instruct a surveyor now (to deal with negotiations for you) and a solicitor too.
      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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