Extending the lease on my Flat?

Stubbsy05

Right there are 75 years remaing. Although I have only owned the Flat since 31/08/2006 the Management Company have said they will consider leasehold extensions. I figure its better doing it now before I improve the place adding value.

Do I just need to send a letter to the management comany stating that I want to extend the lease to 99 years and ask them to state a fee?

Do I need it extended or re-wriiten to 99 years?

I'm mainly thinking of re-sele as I want it on the market for sela next year.

Thanks

cattie

It's actually the freeholder who exends leases, the managing agents are just that, they manage the property on behalf on the freeholder.

When you made your enquiry did the agents not give you an indication of what you should do if you did want to apply for an extension? When I wanted to extend the lease on a maisonette I once owned I mentioned it to the managing agents, who told me they would contact the freeholder about it. The following week the freeholder phoned me & we were able to discuss it over the phone.

If you could possibly negotiate a lease for longer than 99yrs, say 125yrs, then this will really add to the value of your flat.

As you haven't owned the flat for 2yrs you don't actually have a right to an extension at the moment, so you are dependant on the good will of the freeholder.