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    • Slopesk
    • By Slopesk 15th Jun 17, 1:10 AM
    • 2Posts
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    Slopesk
    Lease Extension Question - HELP!
    • #1
    • 15th Jun 17, 1:10 AM
    Lease Extension Question - HELP! 15th Jun 17 at 1:10 AM
    Hi all - hope you can help or direct me somewhere for help...

    I have owned a property for some time that I have rented out and the lease has dropped to the dreaded 60 years - and now I want to sell, I have asked the freeholder to give me a cost for extending to 99 years. Which he will not do, the best he will offer me is a cost on an extension to 88 years.

    I spoke to the freeholder and explained I am happy to pay what is required for the 99 years, but he gave me a strange reason of wanting all flats under the lease to be on the same amount of years? No one has 99 years in the block.

    I have a buyer for my property, full asking price pending the 99 year extension.

    Can anyone help?
Page 1
    • csgohan4
    • By csgohan4 15th Jun 17, 7:21 AM
    • 3,851 Posts
    • 2,399 Thanks
    csgohan4
    • #2
    • 15th Jun 17, 7:21 AM
    • #2
    • 15th Jun 17, 7:21 AM
    You have a statutory right to extend by 90 years


    http://www.lease-advice.org/advice-guide/lease-extension-getting-started/


    if the freeholder disagrees or won't budge, you will have to go to court I am afraid
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
    • eddddy
    • By eddddy 15th Jun 17, 8:19 AM
    • 5,252 Posts
    • 4,892 Thanks
    eddddy
    • #3
    • 15th Jun 17, 8:19 AM
    • #3
    • 15th Jun 17, 8:19 AM
    There are two routes to extending a lease...

    - Informal extension
    - Statutory extension

    So far, you have been negotiating an informal extension. The terms (price, new term, ground rent) will be whatever you can agree with the freeholder.

    Neither party can force the other party to do anything. (Realistically, as a leaseholder, all you can do is to keep offering more money until the freeholder agrees to what you want.)


    Alternatively, a statutory lease extension would give the following...

    - a price calculated by a statutory formula
    - 90 years added to the term of the lease
    - zero ground rent

    But... you should allow between 6 and 18 months for the process, and expect to pay £3k to £4k in fees.
    • m0bov
    • By m0bov 15th Jun 17, 9:05 AM
    • 1,075 Posts
    • 722 Thanks
    m0bov
    • #4
    • 15th Jun 17, 9:05 AM
    • #4
    • 15th Jun 17, 9:05 AM
    Ditto on the statutory route, might be worth engaging a solicitor now to start the process. Otherwise you could sell the property on for cash as its unmortgageable.
    • AnotherJoe
    • By AnotherJoe 15th Jun 17, 9:54 AM
    • 7,375 Posts
    • 7,908 Thanks
    AnotherJoe
    • #5
    • 15th Jun 17, 9:54 AM
    • #5
    • 15th Jun 17, 9:54 AM
    Probably start by telling the freeholder unless he changes his mind, you'll be going for statutory 90 year extension, that might encourage him to move to 99. You could also throw in some or all of the fees as a sweetener (not directly, but factor in that as a cost you wont have).
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