Lease extension price gone up!

Worried

Hello! I was getting lease on flat I'm purchasing extended. Had agreed to pay legal costs and cost of extension. Costs were £700 for legal fees for sellers sol., the same for landlord's sol and the premium for extension was £750. I had to put up the legal costs in advance.

After many weeks we finally have the final draft of the lease (engrossment deed) back from the landlord's solicitor and I have just heard from the estate agent that the management company is now asking a lot more for the lease. My sol is not in the office, but his secretary says the amount on the fax is about 3K. She is not sure what this figure is for, whether it includes the costs I've already paid and I am not sure why it has gone up, whether they are now asking for more in costs (can't see why they would) or whether they have just raised the price of the extension.

Obviously I will know more on monday, but does anyone know why this might have happened. Is it just greedy managing agents? I am on a tight time scale to exchange as the chian is restless and my mortgage offer expires mid-nov so not really in a position to take the time to contest this price rise, so what would people do, pay up, or walk away? I'd have lost about 3k and 6 monyhs if I walk away, but if i pay up, I'm paying what could be £2250 more than I'd agreed to and prob living in a flat with nightmare managing company.

Help please, some advice would be nic to help me get my head together for monday. Many thanks

cattie

No one here can tell you why the price is more than anticipated, you need to wait untill Monday to find out I'd say.

Just as an aside, £750 for a lease extension is remarkably cheap, so is it possible there has been a little confusion somewhere along the lines?

You'd be silly to pull out as with a lease extension the flat is far more valuable & saleable. If you pull out you are back to square one & out of pocket with legal fees incured to date.

Nothing at the moment suggests they are nightmare managing agents, so try to chill out a little untill you know what is what on Monday. Easier said than done I know though.

Worried

No, no mistake, I've seen all the paperwork. £750 is just the premium for the lease extension and is 80 years so no marriage value to pay and is only an extension to 99 years. Just because we'd agreed a reasonable price in the first instance, doesn't mean I should be happy about paying more at the last minute! Just wondered if anyone had experienced anything similar before, or could give some insight as to why it might've occured. Realise I'm clutching at straws, but I'm sure many people know what it's like to receive bad news on a friday and have to wait the weekend to get to the bottom of it.

Deal is not ideal. Managing agents have hiked ground rent up £250 pa and already charge £600-700 pa service charge, when there are no communal areas, they do not maintain the garden and there is no parking. If they are messing about with the agreed price at the last minute, I have my suspicions about what they're going to be like to deal with.

I know I should chill, but this thing has been so much hard work for the last 6 months and I'm fast running out of time to get it signed and sealed. Thought I was almost there and now this. I just can't see why they should be able to change the agreed price at this late and final stage.