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[Help] Lease extensions

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Binney on acid

Members
Nov 30, 2003
2,245
Shoreham
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.
 


Chicken Run

Member Since Jul 2003
Jul 17, 2003
16,727
Valley of Hangleton
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.

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

Members
Oct 21, 2016
3,260
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

Members
Aug 4, 2010
6,012
Henfield
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.
 

Rookie

Greetings
Feb 8, 2005
11,358
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.

https://www.lease-advice.org/calculator/
 

kevo

Members
Mar 8, 2008
8,315
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.

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.
 


drew

Drew
Oct 3, 2006
21,661
Burgess Hill
Judging by some of the responses on here to the original post.

Reading for dummies.jpg
 

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