Lease extension advise.
I wish to extend the lease on a property I intend to purchase. I wish to extend it by circa. 40 years - can you tell me how much that might cost?
Asked on Nov 7 2012,
Home Finance in Sidcup |
Normally lease extensions are for a minimum of 90 years, but are often 150 years or even longer. The cost of the lease extension depends on a number of things like current ground rent and current market value of property with long lease. Also, you can only normally expect to be able to extend the lease if you have owned the property for 2 years, however, it may be that the current seller can assign his wright to this if he has owned the property for more than the 2 years. This can be complex so I suggest you speak to a local solicitor who knows these things. Good luck.
Answered on Nov 13 2012,
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.
Whichever 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. See the link for an inexpensive solution to this first step:
Web reference: http://www.capitalleasehold.co.uk/contact-us
Answered on Apr 16 2013,
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