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[Help] Lease extensions
- Thread starter Binney on acid
- Start date
B-right-on
Living the dream
I sold a BTL flat I owned in Bexhill last year for £68k with a 65 year lease. It would have cost me £22k + fees to extend it to 99 years thru the mgmnt co.
With a 99 year lease it was valued at £90k. Hence selling without extending the lease.
I would have thought £24k very low compared to my experience.
Whether you are leaseholder or have a share of freehold they will have same obligation to pay same share
- Thread starter
- #24
The ground rent is £50 per annum per flat.
- Thread starter
- #25
I am the freeholder. I own 2 of the 4 flats.
Ⓩ-Ⓐ-Ⓜ-Ⓞ-Ⓡ-Ⓐ
Hove / Παρος
Lease it back to the freeholder at the rate of the ground rent x the length of lease, then subtract the value of the freehold minus the value of the apartment divided by the length of lease and bobs your uncle, a new tracksuit and a full tank of gas!
Lincoln Imp
Well-known member
- Feb 2, 2009
- 5,964
An unusual proportion of the posts on this thread are completely bizarre.
Super Steve Earle
Well-known member
I would suggest a solicitor would be more use than NSC in this instance. Rare, but true.
Lincoln Imp
Well-known member
- Feb 2, 2009
- 5,964
Seems high, notwithstanding the shortness of the remaining lease. A reputable leasehold enfranchisement agency recently estimated a figure of between £8.5k and £11k per flat for leaseholders to acquire joint freehold ownership of the block in which their flats are situated. The average value of the flats is probably about £250k. Ground rent is a handful of hundreds pa. The leases have a little under 100yrs on them. Leaseholders who own a share of the building's freehold can effectively grant themselves 999 year leases without charge, other than legal costs.
East Staffs Gull
Well-known member
The Leasehold Advisory Service calculator seems to give an estimate of c.£30,000 excluding costs, but you’d be best placed to estimate the value of the property assuming a 90 year extension, which is one of the calculator’s required inputs.
Live by the sea
Well-known member
- Oct 21, 2016
- 4,718
The price to extend , goes up steeply once you are below 69 years unexpired . I didn’t make the £24,000 up , I used a standard lease extension calculator ( there are several online ) to reach that figure . I totally agree if you are able to purchase the freehold , that’s often a cheaper option .
hopefully there is not risk of collective enfranchisement
phoenix
Well-known member
- May 18, 2009
- 2,605
Mine had 72 yrs left and property was worth £170,000 to extend the lease to 125 years cost me £16,000
Very basic but you should be in for a decent wedge there, good luck.
Shropshire Seagull
Well-known member
I always thought it was pie arghhh squared?
And resulted in 42
And resulted in 42