Christopher Hall

Registered with
Monday 23rd February 2015

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Total Number of Property118 Comments: 1

Christopher Hall

11:59 AM, 23rd February 2015
About 6 years ago

Planning ahead - 72 Years Remaining on Lease

This is a fortunate situation whereby you are on friendly terms with the freeholder but be aware that the freeholder will see ownership of the freehold as an asset and there is no free lunch in business.
Technically, if you never sell your property and happy to get a rental income for the rest of your days then there is no need to extend the lease - unless estate planning is important. This is assuming the lease survives you.
Extending the lease in due course could be a safe bet but at what cost. It could be worth waiting to see if the freeholders situation changes. It would also be worth independently enquiring how much a lease of this nature would cost to increase and also how much the lower flat would sell for with or without the freehold being included in the sale should the freeholder decide to sell in the future. A good estate agent could be a good start for general information. This will give you an idea what to offer for lease extension or a purchase of the freehold. If the freeholder does not sell the freehold to you but gives it to a new buyer of the flat should the flat ever be sold then that could be a risk to you as you do not know who will buy the flat and freehold.... Read More