Lease Extension

davebro3 | 08:55 Wed 24th Apr 2024 | Property

8 Answers

The lease on my flat - originally 125 years - has now run down to 85 years so I am considering extending it.

I got a (free) report from "zerodownlease" and they say the lease extension should cost £1500 BUT there would be legal and valuation fees of £2000 each for me & the freehoder taking the total cost to £5500!

This seems excessive* & somewhat of a rip-off. Has anyone here gone through this process recently. Are there cheaper ways - any advice?

*for basically just changing a number in the lease document

How Long Do Solicitors Keep Conveyancing Documents ?

Answers

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The Builder

Best Answer

Dave, I'm only speculating here, but there will come a time when this country will realise what a farcical situation 'time-limited' leasehold really is.This government has promised reform, but It's painfully slow. Gove's plans have been restricted possibly because of vested interests.The day will come when it'll become obsolete. You have more than...

13:24 Wed 24th Apr 2024

Go To Best Answer

bednobs

How much will it add on to the value of your property? How old are you? Are you ever going to move?

davebro3

Question Author

I'm 77 & have no immediate plans to move but may need to do so at some time in the future. The property value (estimated) would increase by £7000.

It may be that I would merely be securing the position for my eventual heirs.

They say that if the lease falls below 80 years it gets more expensive to extend.

The Builder

Dave, I'm only speculating here, but there will come a time when this country will realise what a farcical situation 'time-limited' leasehold really is.

This government has promised reform, but It's painfully slow. Gove's plans have been restricted possibly because of vested interests.

The day will come when it'll become obsolete. You have more than enough leasehold time left for now. I would hang on and repeat the late Sir Lancelot Sqad's advice, and monitor the situation.

ladybirder

I agree with TB. Leave it. Leasehold may not exist by then.

I had a leasehold flat in London but I was lucky as the Freeholder lived downstairs and extended mine for a very reasonable price as we had all become friends.