[Help] NSC advice needed - extending a lease

kevo

Well-known member

Mar 8, 2008

9,092

• Jul 12, 2020

• #1

Anyone done this recently? I have 83 years left on my lease, so it's time to renew. I assumed this would be a fairly straightfoward process but it is, of course, hideously complicated. Seeing as it will cost me in the region of £10k, I want to get it right. Thinking of going down the 'informal' route of negotiating directly with the freeholder, but not sure of the pitfalls. Any advice gratefully received!

 

Goldstone1976

We Got Calde in!!

Helpful Moderator

NSC Patron

Apr 30, 2013

13,782

Herts

• Jul 12, 2020

• #2

kevo said:

Anyone done this recently? Any advice gratefully received!

Click to expand...

Yes - done it several times.

Sure - get a lawyer to do it; because it can be ‘hideously complicated’, and the consequences of getting it wrong may make any future sale of the property very difficult, costly and time-consuming, worst case impossible.

 

Perfidious Albion

Well-known member

Oct 25, 2011

6,022

At the end of my tether

• Jul 12, 2020

• #3

I’d agree with the above. Don’t put it off too long. I know someone who’s lease ran down to around 60 years and he had to take £25k out of his equity so as to extend it and sell his flat.

 

M

Machiavelli

Well-known member

Oct 11, 2013

16,641

Fiveways

• Jul 12, 2020

• #4

I did it recently, and it was easy with a solicitor but, then again, I had joint share of the freehold. If you don't (part-)own the freehold, then you'll be best advised to do this sooner rather than later, as they'll bump up the price if it runs down.

 

neilbard

Hedging up

Oct 8, 2013

6,245

Tyringham

• Jul 12, 2020

• #5

Goldstone1976 said:

Yes - done it several times.

Sure - get a lawyer to do it; because it can be ‘hideously complicated’, and the consequences of getting it wrong may make any future sale of the property very difficult, costly and time-consuming, worst case impossible.

Click to expand...

This..

 

Horton's halftime iceberg

Blooming Marvellous

Jan 9, 2005

16,484

Brighton

• Jul 12, 2020

• #6

I do not know your situation we have the council as our leaseholder and Austin Gray have negotiated set fees, esp as all in our block of 4 need to extend them.

https://www.austingray.co.uk/lease-extensions-council-property

 

dejavuatbtn

Well-known member

Aug 4, 2010

7,186

Henfield

• Jul 12, 2020

• #7

There is a complicated formula for working out just how much the extension in lease costs and this will depend on its length, the value of the property and the length of it to run (once the 80 years comes up it gets more expensive). Usually the freeholder would get the valuation done, and probably add the cost of this to their other costs, and charge you for the whole lot.
I have been going through this horrendous exercise for a relation who is part freeholder with one other, but having a number of flat within the block requiring lease extensionS.

 

P

pearl

Well-known member

May 3, 2016

12,790

Behind My Eyes

• Jul 12, 2020

• #8

Horton's halftime iceberg said:

I do not know your situation we have the council as our leaseholder and Austin Gray have negotiated set fees, esp as all in our block of 4 need to extend them.

https://www.austingray.co.uk/lease-extensions-council-property

Click to expand...

don't you mean the council has the freehold (owns the building) and the residents are the leaseholders?

 

Horton's halftime iceberg

Blooming Marvellous

Jan 9, 2005

16,484

Brighton

• Jul 12, 2020

• #9

pearl said:

don't you mean the council has the freehold (owns the building) and the residents are the leaseholders?

Click to expand...

yes