Rapid17

Does anybody on the forum deal with property lease extensions ? I would like some advice please regarding costs.

Geoff.

Dingdongler

Legal costs or the actual costs of the lease extension?

Rapid17

Thank you for the reply mate, the lease on my flat has approximately 82 years left. The management company sent me a letter with an estimate for extending the lease for another 90 years at an estimated cost of £7000.00 inclusive of all fees.
Nothing is written in stone yet, also, my current ground rent of £250.00 would be cancelled if and when the lease is extended.
I would really like to know whether £7000.00 is a fair cost please.

Geoff.

hodgy0_2

I have a good friend who is an expert in this field

he has produced a calculator on his website to allow people to do rough calculations on lease extension costs

http://www.m-js.co.uk/buying-freehol...es/calculator/

His offices are in Mayfair, and so is most of his work/clients hence the fees he and his partners charge are pretty high

if you do not get the answer from the calculator - I can ask him the question based on your post

I speak to him most weeks

cookstar

iTrader: (6)

We approached a freeholder to get a quote for extending a lease on a flat 3 years ago, it was £10'500 for a new 125 year lease. We have just reapplied and it has gone down to £8000.

Mixture of glee and annoyance at the same time.

Rapid17

Thank you for your reply.

Dingdongler

Rapid, Hodgy's calc is very useful and Cookstar's experience should also be noted. My experience is that it is not an exact science and so as Cookstar says there is often room for negotiation much like when you purchase a property.

Good luck

Rapid17

^^^
Thanks mate.