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Extending lease on a61 lease flat

My ground floor flat in a house has only got 61 years left on the lease. I need to change mortgage so have been to that I need to extend the lease. Through mutual agreement neither I or my upstairs neighbour have ever payed the freeholder ground rent. we have just dealt with all building work ourselves. The freeholder lives abroad, and I have managed to contact him. He states he has no interest in the freehold and would be happy to discuss selling it.

Asked on Jan 25 2017, General in London | Report content

Answers (5)

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  • The costs of buying the freehold will depend on a number of factors so you´re best bet would be to speak with a specialist solicitor. All the best.

    Answered on Jan 27 2017, Report content
  • Ground rent is only due if demanded and in the correct way. The Landlord can only go back 6 years to recover. I would suggest visiting lease advise and get an idea of the Freehold value and make the freeholder a sensible offer. Of course his no interest may turn into a much more of an interest after the offer!, as within London it will have a reasonable value assuming both leases have 61 years remaining.

    Answered on Jan 27 2017, Report content
  • As you have been dealing with all the maintenance you may as well form a management company with your neighbour and buy out the freehold. You could then extent the lease to any length, say 999 years. There is a lot of useful and reliable information at the Lesehold Advisory Service.

    Answered on Jan 27 2017, Report content
  • If you have managed to contact him, then you need to instruct a solicitor and prepare a section 42 notice which your solicitor will serve on this freeholder so that you can formally apply for a lease extension under the 1993 housing act. Alternatively you can qualify to enfranchise (buy your freehold) if the owner of the FF flat joins you and you qualify under the terms. Instruct a lease valuer in the first instance or try an online calculator. Good luck.

    Answered on Feb 3 2017, Report content
  • It used to be anything over 70 years was classed as suitable for mortgage purposes. However, most lenders are now advising anything under 80 years they won't consider as suitable. You can ask your solicitor as a first port of call to see if any neighbouring properties have put a request to extend the lease on their properties and see what they paid. If nothing is available, then you would have to serve a section 42 on the freeholder and have the lease extension valued. Be prepared to have to pay for this and also you may be asked to cover the cost of the freeholder's legal bill.

    Answered on Oct 9 2018, Report content

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