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Ground Rent

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jack35 | 10:32 Wed 24th Mar 2010 | Civil
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I own the leasehold on 8 terraced houses for which the occupiers pay £15.00pa each ground rent. One of the occupiers would like to buy the leasehold on his house, but the others are not interested.

What would be a reasonable sum to ask him to pay? The lease has approximately 59 years to run.

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I am currently going though a similar thing. If the tennant wants to extend the lease then he/she has to pay your legal fees and costs. Therefore I went down the route of a lease valuation which cost the tennant £300. The valuation came to me at £9000.00 for a 90 year extension on a 72 year remainder on the lease
I am the freeholder by the way not the person wanting to extend the lease.
The shorter the remaining term of the lease, the more valuable the freehold becomes. Don't just guess at this. It needs to be calculated by a surveyor who is fully experienced in valuing these freeholds. Go here:

www.lease-advice.org

You may find info on the site about suitable surveyor firms. If not, ring the helpline & you can get a list.

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