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Less than 60yrs left on lease of house - thinking of selling - help!
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Just spoke to mum and the freeholders have said 4k for freehold and 2800k for 125 yrs extension. She's getting quotes so will see what happens
Is ve amazed at 40k extra... houses only sell for 130-5k anyway
That's a good price for the extension IMO. They'll have to pay the freeholder's legal costs on top of this. (around a couple of hundred)
Just a word of caution on the 'extra' value the extended lease will give. Most estate agents are pretty clueless at valuing leasehold properties and will value them at the same level as freehold ones. So the house may not be worth 'more' after the extension is signed. But I think you may have guessed this anyway.
However, having a longer lease will make the property easier to sell as mortgage lenders normally require 80+ years left on a lease.
Good luck for the sale!
S-JPenny: I'm a little low on cash.
Leonard: How much you got?
Penny: Nothing!
Leonard: How can you walk around with no money?
Penny: I'm cute, I get by.0 -
Cheers SJ
They were quite please with it I thinkDebt at LBM - £11,505Debt 2011 = [STRIKE]8K[/STRIKE] £7760 - DF in July 2013DMP Paddle no. 1 Sealed Pot No. 1375Grocery Challenge Aug £418.31/£450 Sept £ /£4500 -
If they have owned the lease for more than two years, the Leasehold Reform Act 1967 gives them the right to a lease extension of 50 years (so they get 50 years on top of what they have now) for nil premium. In return, the rent will revert to a 'modern ground rent' from the date that the original lease would have expired. Alternatively, they can force the freeholder to sell the freehold to them, again under the Leasehold Reform Act 1967. They will need a lawyer and a valuer experienced in this area of the law. Possibly the cheapest thing to do is to serve the notice on the freeholder to acquire the freehold, then sell the existing lease and the benefit of the freehold notice in the open market. Then the buyer will be able to proceed with the freehold purchase.0
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Thanks Ian, that sounds awfully complicated and Im not sure they can take the stress of lawyers etc.
How do they go about enforcing the Act? Do they need a solicitor or is it something they can do themselves?Debt at LBM - £11,505Debt 2011 = [STRIKE]8K[/STRIKE] £7760 - DF in July 2013DMP Paddle no. 1 Sealed Pot No. 1375Grocery Challenge Aug £418.31/£450 Sept £ /£4500 -
Yes, they need a lawyer. The Leasehold Advisory Service (government funded) might be a useful, free-of-charge, first port of call. http://www.lease-advice.org/0
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