How do I go about extending the lease?

cuthbert_the_octopus

I think you have got a bargain....... we ended up paying £15k including all the legal / solicitors stuff.

Richard_Webster

I think if you have an lease extension that the freeholder can raise the ground rent, but I can't be certain of this as my memory is a bit foggy at the moment.

On a statutory extension he can't. However he could offer alternative terms where a reduced lump sum is set against an increase in ground rent. If you are looking to sell the flat in the near future it may be worth agreeing something like this because buyers don't tend to pay any less for a flat with a £150 pa ground rent than they would fo rone with £5 pa ground rent.

Need your surveyor's advice about whether what is being offered is reasonable.

Icey77

"My" surveyor is doing his surveying today, once I get the report I shall give an update.

Thanks

Icey77

Update.

My surveyor has come back to me advising me to accept the terms put forward by the management company. This is because whoever they engaged to calculate the lease premium made some errors that resulted in a lower premium for me to pay! :rolleyes:

He calculated the lease premium to be £5900 and they are only asking £4450 so I have instructed my solicitors to start the legal work!!!

Hurrah! :j

Gillby1

Icey,

I'm in a similar position, and am not sure where to start, so i hope you don't mind me asking for advice! Our lease is managed by a management company on behalf of the landlord, so do i start by writing an unofficial letter to them in the frst instance expresing interest in extending the lease? At what stage did you know to instruct surveyor and solicitor?

Thanks - it's quite difficult to understand the whole process, so any advice would be appreciated.

Gilly