Lease extension in most cost effective way?

by Readers Question

10:58 AM, 27th July 2015
About 3 years ago

Lease extension in most cost effective way?

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Lease extension in most cost effective way?

I have 56 years lease left in a flat. I am hoping to extend the lease. I understand that I can apply for Statutory 90 years lease extension plus pepper corn rent. I am hoping to increase my lease without spending a lot of money on solicitors. Can I do the initial negotiations and test the water and see how much my Freeholders are going to ask for? Lease extension in most cost effective way

Is it a good idea to write to my Freeholders directly and ask them informally if they are agreeable to increase my lease on Statutory basis of 90 years extension and zero ground rent? and if they are agreeable, how much will it cost? Or am I totally out of my depth here?

I am aware that in addition to my own surveyor’s and solicitors fees, I have to pay my Freeholders Surveyor’s and Solicitors costs as well.

Do I have to have a RICS and ALEP surveyor and solicitor?

Will my new lease be the same as my existing lease or will it vary?

How do I ensure that I do not end up getting less favourable terms?

Your comments are most appreciated.

Thank you

Martin



Comments

Si G

15:42 PM, 27th July 2015
About 3 years ago

Hello Martin, yes do as much as you can yourself the lease extension is a gravy train for surveyors and lawyers. Also get at least three quotes for any work you need done. As your lease is less than 80 years you will need to pay more for your renewal than if it was more than 80.
Good luck.


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