Reffro

Just a quick question, I would be grateful for any and all info from you guys and gals. Been looking at a leasehold flat with 68 yrs remaining on the lease, which is not enough in my book, so before any potential offer I need to know what's involved in extending a lease. Cost, time, difficulty etc etc.

I have no idea, so over to you.........

InvisibleMan

why not buy it to make it freehold. No idea how much that would cost mind...


loads of websites about it...

wwp8

you get the solicitors to sort it out, and they do the rest, i think you extend it by 20 yrs or sommat like that,

my sister had hers extended a few years ago.

Reality

http://england.shelter.org.uk/advice/advice-195.cfm


Plenty of advice here

InvisibleMan

20yrs for house, 90yrs for flat

all explained here


unfortunately doesnt say how much it costs. I wonder if its worth changing a leasehold to freehold when trying to sell, how much extra would it go for...

fast bloke

individual freeholds on flats are a complete minefield - usually the solicitor can extend the lease on a flat at the time of purchase - maximum is 999 years, but 50 or 99 years seems more normal. You can always have the right to extend the lease at a later date providing it has 21 years left to run and you have been the leaseholder for at least two years. You don't have to pay the freeholder to extend the lease, but you do have to cover his legal fees (which is why it can be a good idea to do it at the time of purchase)

Reffro

Hmm plenty to think about there...

Thanks for your replies.

JoanUK300

Reffro....we had a leasehold flat about 15 years ago, low lease....67 years. When we tried to extend it the landlords were Freshwater Group...(biggest landlords in London)......they wanted £13,000 to extend it to 99 years.....so we sold it and have never looked back.....a friend of mine lives in the same block that we used to and she is trying to up her lease at the moment, they are currently asking £20,000 for a lease of 40 years.


Try to find out who the landlords are and if it turns out to be Freshwater Group I'd run pretty quick.

I know it is hard to get on the property ladder but no-way would we touch a leasehold again. Good luck whatever you decide....

ChrisB

My Sister just sold her flat but the mortgage company for the buyer wanted the leasehold extending as it was only 49 years (or close to that).

Cost her a few thousand pound to secure. I think it was the landlord would only do business by post - no phone, fax or e-mail to speed things up - hey Mr Caveman!