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Lease extension at Fair Acres, Bromley BR2

What is the likely cost of extending the lease at Fair Acres, Bromley BR2?

Asked on Nov 25 2009, General in Bromley | Report content

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  • As a local chartered surveyor, I do many lease extension valuations. If you give me some details, I am sure I can help you. Peter Morgan FRICS MCIArb, for Morgans Chartered Surveyors, BR1

    Answered on Nov 29 2010, Report content
  • Get professional valuation advice right at the start. The freeholder will tell you the figure he wants at a ground rent he would like! To get the best deal you will require good legal and valuation advice! 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. Qualifying leaseholders must have owned the property for at least two years in order to serve a S42 Notice which starts the process. Whichever way you choose, you need an accurate idea of what a fair price is before you start. The first port of call is a specialist lease extension valuer.

    Web reference: http://www.CapitalLeasehold.co.uk

    Answered on Aug 27 2014, Report content
  • If you would tell me the value of the flat concerned and the number of years unexpired I will be able to answer your question Peter Morgan FRICS

    Answered on Aug 28 2014, Report content

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