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Extend Your Lease guide discussion

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Comments

  • The value is at the date of valuation, not how much you lost
    :( or gained :) since purchase.
    Stop! Think. Read the small print. Trust nothing and assume that it is your responsibility. That way it rarely goes wrong.
    Actively hunting down the person who invented the imaginary tenure, "share freehold";
    if you can show me one I will produce my daughter's unicorn
  • hello again all,

    i really hope you are able to help me. im currently starting the process of extending the lease on my property and it looks like i may have an absentee freeholder, therefore may have to go down the vesting order route

    my question is i live in a flat (there are two - including mine). am i able to extend the lease on my flat alone or do both flats have to extend it at the same time??

    many thanks, your replies will be very very very much appreciated
    :beer:
  • liam1989 wrote: »
    hello again all,

    i really hope you are able to help me. im currently starting the process of extending the lease on my property and it looks like i may have an absentee freeholder, therefore may have to go down the vesting order route

    my question is i live in a flat (there are two - including mine). am i able to extend the lease on my flat alone or do both flats have to extend it at the same time??

    many thanks, your replies will be very very very much appreciated

    Hello!

    If you are extending your lease you don't need the consent of your neighbours as this is an individual right.

    However, have you considered joining forces with your neighbours and acquiring the freehold? The process is similar to that of seeking a vesting order for a lease extension but the added benefit is that you can share the costs with your neighbours. Once you have acquired the freehold, you can then all extend your leases to 999 years.

    Good luck!
    Specialist in Lease Extensions and Freehold Acquisitions. Posts do not constitute advice.
  • SKPatel wrote: »
    Hello!

    If you are extending your lease you don't need the consent of your neighbours as this is an individual right.

    However, have you considered joining forces with your neighbours and acquiring the freehold? The process is similar to that of seeking a vesting order for a lease extension but the added benefit is that you can share the costs with your neighbours. Once you have acquired the freehold, you can then all extend your leases to 999 years.

    Good luck!

    thankyou so much for your response. that is such a relief.

    well to be honest, my neighbour is the most ignorant horrible human being you are ever likely to meet and is currently very ill herself (as well as looking after her husband who is currently in a home).

    i advised her two years ago regarding the lease situation and how much it is likely to cost - her response was basically 'not bothered'. im pretty sure that her opinion hasnt changed.

    therefore, if it was the case that both flat owners (leaseholders) had to extend the lease together, i would be screwed as she would be unco-operative. my only other option would be to put the flat on the market and hope for the best.

    thanks again
    :beer:
  • SKPatel
    SKPatel Posts: 63 Forumite
    Oh dear, it is such a shame about your neighbour. Although, it is probably best to not be joint freeholder with someone who you cannot cooperate with!

    All the best!
    Specialist in Lease Extensions and Freehold Acquisitions. Posts do not constitute advice.
  • another question (i do apologise :D)

    i have finally arranged a meeting with a solicitor, however i have been advised by many people that i should get my property surveyed asap.

    im just wondering whether i should go with a surveyor recommended by the solicitor or can i chose anyone to do it? the only reason i ask is because i have found one that does it for £250, which is alot cheaper than everyone else i have had a quote from.
    :beer:
  • I would assume at this stage the valuation is for information purposes? If so, then you still need to ensure the surveyor is a specialist in this field so check this before considering the costs.

    Once you have the vesting order, the matter will be referred to the Tribunal who will require a thorough report and valuation from a surveyor so they can determine the premium. So long as your solicitor requests for your costs to be recovered, you should be able to deduct the surveyor's fees for this report from the final amount you pay for the lease extension.

    Good luck!
    Specialist in Lease Extensions and Freehold Acquisitions. Posts do not constitute advice.
  • Bella56
    Bella56 Posts: 215 Forumite
    Bella56 wrote: »
    I know lots of posts say that you can't extend a Shared Ownership lease, but my HA has just started doing just that! :j :j :j
    So might be worth asking your HA if you're shared owners nearing 80 years.

    Just an update, incase anyone ever searches for info on extending a shared ownership lease.
    This was for a HA flat worth £80,000 with 83 years' lease remaining.
    The whole process took 6 months from start to finish, but our solicitor wasn't particularly in a hurry, nor were we to part with our cash so not a problem!

    HA fees incl. valuation £1480
    Our solicitor fees £870
    Cost of lease extension £3250
    Total £5600

    Ouch! But hopefully it will have been worth it when it comes time to sell up.
    Debts 2004: £6000..............................................Aug 2007: £0!!!!
  • buglawton
    buglawton Posts: 9,235
    Name Dropper First Anniversary First Post
    Forumite
    Smart to get in before the 'magic' 80 years was reached. Unbelievable the number of flats on the market at the moment with around 70 years on the lease! Because all their attempts to sell are thwarted when Ebenezer the mortgage provider turns it down.
  • geet
    geet Posts: 174 Forumite
    hello all, my brother has a flat with 60 years left on lease - the value of it with the present lease will be 220,000. he was told he will have to pay 25 K for an extension. after negotiations, he has brought down the figure to 20 K. he asked me if it is ok to agree but i see a problem. the lease extension will take the lease to 99 years which means in effect he is getting only 39 years added to present lease. i think the 99 years should be added to the 60 taking it to 159 years. can someone help with some advice please as he seems to think this is fine. thanks, g.
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