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How much does it cost to extend a lease?

I have a property at 7 Shelley Close that has less than the mortgage company will allow and it needs to be increased and do not know how to find out this value

Asked on Mar 7 2011, General in Slough | Report content

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  • The Leasehold Advisory Service gives an example of a flat with a 68 year unexpired lease, on a ground rent of £50 pa, with a current value of £150k, and an improved value £165k. An extension of 90 years is likely to cost £8,250. But the same property, on a lease with only 35 years to run, could set you back a whopping £55,368. However, if the current lease is 95 years (and, therefore, attracts no ‘marriage value’) the cost of an extension would be only around £734.

    Web reference: http://www.propertyinvestmentproject.co.uk/blog/how-to-ex...

    Answered on Mar 7 2011, Report content
  • The cost depends on how many years need to be put on. the Freeholder and there solicitor will decided on what they feel is the right cost. If you own a share of the Freehold this is normally minimal and usally is only the legal fees. But a freeholder can charge range from £2000 to £15,000 sometimes more. There is no definite answer to this you will have to apply to the freeholder and ask him.

    Answered on Mar 8 2011, Report content
  • 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!

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

    Answered on Aug 5 2014, Report content

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