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[sgclacy]

In which case the net rent receivable by the head lessor is nil. So unless the term of your lease is short and the head lessors lease is very long ( i.e. making him the competent landlord) then the head lease is worth very little...

[sgclacy]

Your head lease will receive your ground rent and out of that pays a ground rent to the freeholder . The difference between the two is his profit assuming the ground rent he pays to the freehold Is less than he receives

[sgclacy]

I have done numerous lease extensions over the years in my capacity as freeholder and have dealt with over the years with numerous solicitors

This firm in particular knows what they are doing

Leaselaw their website contact details are https://leaselaw.co.uk/contact-us/
...

[sgclacy]

A simple letter referring to the offer they made and stating that they wish to withdraw it.

Until they do they are still liable for certain costs you may incur, such as a valuation by a surveyor and the solicitors costs in verifying that the notice is valid

[sgclacy]

What amounts to a very low claim such that it make it invalid is a moot point.

It you regard the claim as invalid the lessee can immediately serve another, so I am not sure there is a great advantage in so doing. The 12 month rules applies if a valid notice is served and the lessee withdraws....

[sgclacy]

That is why I express the premium as £x plus a percentage of what the flat is worth

I find that in trying to quickly agree a valuation that if the exact calculation is shown it enables any discussion on the ground rent to be closed down quickly so you can then move on to the value of the...

[sgclacy]

Adding to what I said earlier, it would of course in this case be a 1st charge

[sgclacy]

I misread your post - I thought you and the other flat bought the freehold...

[sgclacy]

Building on the advice of flying freehold.

A charging order for under £5,000 will not gain any interest over time

You may be better letting the arrears build up to over £5k then getting a charging order

A charging order above £5,000 attracting statutory interest...

[sgclacy]

If your flat is above ground floor level you may need to consider the juxtaposition of the rooms. Having a washing machine go into its final spin at 1200 rpm will not be appreciated by someone whose bedroom is underneath.

If the freehold is sold on to an external investor and you then...

[sgclacy]

I would add that the RFL on a Ford Mondeo is over £200 and that for sure will rise by inflation if not more each year. Yet the sale prospects of such a car costing 1/10 or less than the value of the flat are not troubled by such a cost. Yet a flat costing 10 times as much has now a cloud of concern...

[sgclacy]

The premium would be £5,675 plus 1.35% of the value of the flat

This assumes the ground rent is capitalized at 6% and the reversion at 5% in line with Sportelli

As the term is above 80 years I would be very confident on that formula I have given you

Here is my...

[sgclacy]

You must do it now , if you co owner of the freehold went missing or became awkward then extending your lease Years later could become stressful and expensive...

[sgclacy]

The RTM company is under an obligation to notify the freeholder of any arrears more than 90 days old...

[sgclacy]

If the lease term is 90 years then approx 1.25% of what the flat is worth plus 20 times the ground rent Is

at 95 years as above but 1% rather than 1.25%

[sgclacy]

Legislation was passed giving lessees the right to manage their own block without having to pay compensation to the landlord and this addresses the root of so many of the problems surrounding leasehold flats.

The concept that commonhold is the panacea for all maintenance issues for blocks...

[sgclacy]

You will need to get a grant of probate before you can start the process

As Gordon999 advises you really do need the services of a solicitor

the executors of the will can serve a statutory notice of claim to extend the lease. Whether your executors serve it now or you deal...

[sgclacy]

Ground rents are indeed for no service. The lease makes it clear that the ground rent does not form part of the service charge account.

The ground rent is therefore a pure profit stream for the landlord and therefore a burden on the property. Therefore prior to purchase a purchaser in conjunction...

[sgclacy]

Leaseholdscandal,

There are problems with leasehold that centre in the main around service charges and consent fees Ground rents aside from those that double every 10 years of the term are not a problem.

The solution put forward by lenders to address the problem over ground...

[sgclacy]

ianm1305,

I was not suggesting for one moment you were hysterical, it is the pressure groups that are creating the problem so such an extent that all ground rent terms as seen as a potential problem and causes concern to all leaseholders...