Find out cost to extend the lease for 69 Leverson Street , SW16 6DG property?
Currently lease is 63 years, want to know how much money and time will be needed to extend up to 125 years.
Asked on Nov 10 2010,
General in London |
You will need to contact the freeholder and negotiate the price with them, sometimes you end up going to arbitration to settle it, at 63 years you will have an issue on resale due to buyers having a problem getting a mortgage, you will also need the services of a solicitor, typically to extend a lease it can vary from £5,000 - £10,000
Web reference: http://www.romans.co.uk
Answered on Nov 12 2010,
You will have to approach the freeholder for a costing on this. Fortunately the process is now legislated so the practice of charging excessive amounts has declined. You do have the right to arbitration as the previous answer righlty identified. There is no typical value of lease extension but it could be between £10-£15,000. To complete the transaction would require a solicitor although should only be a matter of weeks. Another alternative is get all the leasess together and investigate the potential of buying the freehold.
Answered on Nov 17 2010,
I have a contact that can answer all these questions for you and provide you with cost prior to negotiation, once initial contact has been made with the freeholder. What I can tell you is that the figure that is generated is usually plucked from the air. This figure can be contested and usually you can reduce cost for the purchase considerably. Please feel free to contact me if you would like to look into this further
Answered on Nov 18 2010,
Your first port of call should be a specialist lease extension valuer. Once you have obtained advice on the likely price There are two ways you can extend your lease: 1. Deal directly with the freeholder and negotiate a fair price for the extension. There are no exclusions to this if both parties are willing and you can choose any length of lease. 2. Go down the statutory route. The law allows you to extend your lease by 90 years beyond the existing length, with no more ground rent to pay. The freeholder is obliged to settle fairly and within a given timescale. Qualifying leaseholders must have owned the property for at least two years. If the vendor qualifies they can serve a S42 notice the benefit of which should be assigned to you otherwise you will have to wait for 2 years from the date of purchase by which time the lease extension price is likely to have increased.
Web reference: http://www.capitalleasehold.co.uk
Answered on Aug 27 2014,
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