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[Help] Lease extensions

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B-right-on

Living the dream
Apr 23, 2015
4,990
Shoreham Beaaaach
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

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.
 

amexer

Members
Aug 8, 2011
4,932
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.

Whether you are leaseholder or have a share of freehold they will have same obligation to pay same share
 

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South Central (Hove)
Apr 7, 2006
5,980
Brighton & Hove
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

Members
Feb 2, 2009
5,964
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

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.
 

Live by the sea

Members
Oct 21, 2016
3,260
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.


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 .
 

phoenix

Members
May 18, 2009
2,225
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.

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.
 


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