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Kuztardd
Posts: 153 Forumite
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Yes you can - e.g. ask for 30 years - shortening the extension may have little impact on reducing the "marriage value" though it's based on the value between your 78 year lease and a marketable lease - once you get the lease over 95 years the value is roughly the same as whether it's 95 years or 125 years
May be more sellable with a 168 year lease i.e if you go fo the full 90 year extension
UDTotal debt at 01/01/2010 £34,262 (Excludes mega mortgage) Daily interest £12.42
02/10 Now £3.12 due to repayments, BT and :money:
Olympic challenge £5081/£28,000 (18.15%)
Aim to lose 35 lbs from 01/01/2010 to 30/06/10 9.5/35
1 debt in 100 days £2886/£38390 -
Yes you can have it extended to 99 years if the freeholder agrees but as said above, the price difference isn't all that discernable.Everything that is supposed to be in heaven is already here on earth.
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Because there is little difference in value in the market between a 99 year lease and a 168 year one going for a shorter extension is not likely to reduce the cost much. Agreeing a significantly increased ground rent is more likely to bring the premium payable down because the freeholder has the continuing benefit of the higher rent. If you are selling and don't care about how much you will have to pay in the future, the trick is to go for the maximum rent that you thnk a buyer will accept without being put off.RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0 -
Go on - tell us the original price you were given?Total debt at 01/01/2010 £34,262 (Excludes mega mortgage) Daily interest £12.42
02/10 Now £3.12 due to repayments, BT and :money:
Olympic challenge £5081/£28,000 (18.15%)
Aim to lose 35 lbs from 01/01/2010 to 30/06/10 9.5/35
1 debt in 100 days £2886/£38390 -
Have you used the lease extension calculator on the LEASE website to see if the £10K was justified?Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0
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