samtheseagull
Well-known member
- Sep 15, 2010
- 1,599
Has anyone had to do this? If so can you recommend a good solicitors/surveyors?
Got something to say or just want fewer pesky ads? Join us... 😊
Extending a lease on a flat
- Thread starter samtheseagull
- Start date
samtheseagull
Well-known member
- Sep 15, 2010
- 1,599
- Thread starter
- #3
I own the flat, and I'm currently living there
HantsSeagull
Well-known member
yes i have done it - how many years left on the lease? how many flats in the building?
Gazwag
5 millionth post poster
suck in breath like a builder does, that'll cost you (not just the professional fees but the lease extension cost)
samtheseagull
Well-known member
- Sep 15, 2010
- 1,599
- Thread starter
- #7
There's 25 flats in the block, and have 68 years left.
HantsSeagull
Well-known member
ok well 25 flats you are going to struggle to organise a freehold purchase. i suggest the first thing to do is to establish how much the freeholder wants to extend the lease to whatever number of years you want - at least 99 i suggest. once you have an indication of what he wants then think about seeking professional advice. Stewart Grey of Austin Grey valued the freehold of my building when we bought the freehold and would no doubt be able to advise on the cost of a lease extension versus what the freeholder is seeking.
nwgull
Well-known member
Am I right in thinking that the freeholder is legally obliged to extend the lease at a reasonable cost?
middletoenail
Well-known member
I was quoted about 12k a few years ago on a 190k flat and i had about 70 years left.
I work for an estate agents and lease extensions can be a nightmare! It all depends on what the freeholder wants to charge, you will need to approach him in the first instance. There is supposed to be a formula that freeholders keep to but it can vary hugely. I have dealt with lease extensions ranging from around 4k up to 20k! It still amazes me that solicitors fees for doing this work would be no more than a grand and the rest of the money goes to the freeholder for doing relatively nothing. something needs to change. I assume you are looking to sell the flat? if so we usually will get an idea on the cost of the extension and factor this into the asking price, most buyers will then be happy to contribute or pay for it themselves, although my understanding is you cannot extended the lease unless you have owned the property for at least two years, this means that you would have to start the ball rolling so to speak and once completion happens the buyer would take over. You will need to speak to your solicitor to find out the best way to do this. Just remember whatever the freeholder quotes you is not set in stone and you can negotiate it! Most people don't realise this. Good luck, if you have any other questions let me know. 
the slow norris
Active member
We extended a lease on a 270k flat with a 71 yr lease for 13500 4 yrs ago. If we had extended it when we bought it 4 yrs earlier it would only have cost 8500. So if you are thinking of doing it, do it sooner than later.
CorgiRegisteredFriend
Well-known member
Absolutley. Try not to let your lease go under 80years and never buy a flat with a low lease.
Lincoln Imp
Well-known member
- Feb 2, 2009
- 5,964
Categoric recommendation coming here.
Andrew Pridell of AP Associates has acted for my family several times. The process, using him, is very straightforward. He will pin the freeholder down, drive the extension through quickly and ensure you are not overcharged. As a Fellow of the RICS he is hardly a JCL. Unexpectedly, he is also great fun to deal with.
His office is in The Drive. tel 01273 202620.
Incidentally, it is wrong to say you should never buy a flat with a short lease. You can, but make sure the price more than reflects the maximum price of extending it.
Andrew Pridell of AP Associates has acted for my family several times. The process, using him, is very straightforward. He will pin the freeholder down, drive the extension through quickly and ensure you are not overcharged. As a Fellow of the RICS he is hardly a JCL. Unexpectedly, he is also great fun to deal with.
His office is in The Drive. tel 01273 202620.
Incidentally, it is wrong to say you should never buy a flat with a short lease. You can, but make sure the price more than reflects the maximum price of extending it.
Cheshire Cat
The most curious thing..
samtheseagull
Well-known member
- Sep 15, 2010
- 1,599
- Thread starter
- #18
Did it not add at least 18k to the value of your place?
The Modfather
New member
As others have posted, the sooner you get this done the better. The cost will increase each year.
Arrange for an independent valuation, and then provide this to the freeholder.
Arrange for an independent valuation, and then provide this to the freeholder.
It didn't add value, it just stopped the value from plummeting. I let it run down to 65 years which was silly. It would have been impossible to sell.