Looking for assistance here. Approximately how much would would you expect to pay for a 90 year lease extension on a flat worth about £270k, that has 68 years left on the existing lease. I am the freeholder. After years of being spoken to as If I'm something that the guy has trodden on in the street, all of a sudden he's looking to extend his lease.
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[Help] Lease extensions
- Thread starter Binney on acid
- Start date
https://www.moneysavingexpert.com/mortgages/extend-your-lease/
Leasehold is such a rip off. Anyway you can get together with the other owners and look at the possibility of taking it over as freehold ?
Leasehold is such a rip off. Anyway you can get together with the other owners and look at the possibility of taking it over as freehold ?
If you can buy the freehold then do so. Such a good move in the long run.
Super Steve Earle
Well-known member
He is the Freeholder!
Lincoln Imp
Well-known member
- Feb 2, 2009
- 5,964
It is, but I am sure that the OP has said he already owns the freehold. N
Justice
Dangerous Idiot
You could buy the freehold 
Get it valued professionally, there is a formula and if he’s got 68 left it will be expensive for leaseholder!
Live by the sea
Well-known member
- Oct 21, 2016
- 4,718
If the flat is only worth £270k even with a normal length lease , the cost to extend from 68 to 99 years or 110 years is approx £24,000
dejavuatbtn
Well-known member
Recently been involved with a block of six flats of varying sizes (bedsit and one or two bedrooms). Leases on some are coming up to 80 years left - this is a critical period as less than 80 years to go significantly increases cost of lease extension. As it is, transferring from 80 years to 999 years is costing leaseholders somewhere between £5.25k and £12k.
- Thread starter
- #12
They want to extend it by 90 years !
Rookie
Greetings
- Feb 8, 2005
- 12,067
Go out of your way to f......ck him as much as possible then. Why did he need to be rude.
kevo
Well-known member
- Mar 8, 2008
- 9,094
One thing to consider for any leaseholders reading this thread who are approaching the 80-year mark:
A bunch of leasehold reforms are due to go through Parliament at some point in the (near-ish) future. The Law Commission published a report in the summer, which is now being considered by the government. Once the reforms enter legislation it will be easier and cheaper to extend your lease. The question no-one really knows the answer to is exactly WHEN this will happen. But if your lease is, say, 85 years, it may be worth holding on for a while before renewing.
Live by the sea
Well-known member
- Oct 21, 2016
- 4,718
And if possible - buy a share of the freehold if you live in a flat . If you can .
drew
Drew
Judging by some of the responses on here to the original post.
kevo
Well-known member
- Mar 8, 2008
- 9,094
Nice response. Having a bad day?
East Staffs Gull
Well-known member
How could you possibly come up with a figure without knowing the ground rent!
Justice
Dangerous Idiot
This can have downsides to it, one couple I know have to find thousands to pay their share in roof repairs they simply don’t have that type of money at the moment.