Extend Your Lease guide discussion

propertyman

tim123456789 wrote: »

No it doesn't.

Please stop polluting these threads with opinions Tim, you clearly dont practice in this area while I do.

tim123456789

propertyman wrote: »

Please stop polluting these threads with opinions Tim, you clearly dont practice in this area while I do.

It wasn't an opinion!

I explained why you were wrong in my post.

If you think those explanations are incorrect then counter them.

Coming back and saying "my willy is bigger than yours" doesn't make a winning arguement in my book.

Bella56

Think it may just be the MSE calculator - the LAS calculator agrees with the price of our extension staying at £3-4000 until it drops down to 80 years. Thanks

liam1989

hello everyone, been a while since i have been on this forum, however i just have a query that im hoping someone will help me out on.

it wont be long before i start up the process of extending the lease and although i have the money for the 'premium', i dont think i have enough to cover solicitors fees and any other costs involved.

my question is did anyone else or are anyone else having the same problems and what did/are you doing about it did you get a loan or did you wait until you could afford it?

many thanks

Bella56

liam1989 wrote: »

my question is did anyone else or are anyone else having the same problems and what did/are you doing about it did you get a loan or did you wait until you could afford it?

We are in the same position & are saving as quickly as we can!! It is going to take us almost a year more, but so long as we start the process before we get down to 80 years, I'm happy How many years remaining do you have?

Bella56

Also meant to say, the fees for us will be almost equal to the price of the extension :eek: almost £3000, for an extension costing £3-4000. It is insane!!

liam1989

hi bella, unfortunetly my lease is down to 72 years. i have searched on many websites for the premium im likely to pay to extend it back up again and i get about 5k (which i have).

what i dont have is the 'other fees and expenses' part, which ive been told can vary between 1-3.5k?! i want to start the process in novemeber and i very much doubt i will be able to afford to save 3.5k in 11 months............

Bella56

liam1989 wrote: »

hi bella, unfortunetly my lease is down to 72 years. i have searched on many websites for the premium im likely to pay to extend it back up again and i get about 5k (which i have).

what i dont have is the 'other fees and expenses' part, which ive been told can vary between 1-3.5k?! i want to start the process in novemeber and i very much doubt i will be able to afford to save 3.5k in 11 months............

Oh wow, yeah that is alot on top of £5000! Would your bank extend your mortgage, if you've got a mortgage that is? As extending will add value to the property?

wwarby

Hi experts,

I own a flat built in 1997 with 83.75 years remaining on the lease, so I am just starting to make inquiries about renewal. My understanding is that the renewal itself will cost me £4-5k plus legal fees, which I should be able to save in the next 12 months give or take.

The development in which my flat is situated comprises over 100 flats and obviously all the owners will be in exactly the same position, so I'm wondering if there is any scope for us to all club together and negotiate a better price either on the renewal itself or on the legal fees if we used a single solicitor for everyone's renewal.

I'd like to know if such an arrangement is (a) possible (i.e. would the freeholder or solicitors be willing to negotiate a reduced price for a large group of leaseholders) and (b) advisable (i.e. would the savings justify the work that would likely ensue from trying to get other leaseholders on board).

joepineapples

Hi there I hope someone on can here can help me with advice.

I have 72 years left on my lease so I have begun to look into extending it. I have not engaged a solicitor, although I have chatted to one, getting some informal advice.

I have firstly written to the freeholder and proposed a 'voluntary' extension as I understand this is the cheapest way to do it. They have they come back to me and said I need to pay their surveyor £780 (inc. VAT) to value the lease. From the guidance on here, I understand this to be normal. I assume they will then come back with a price for extending.

I'm a little confused as to the steps after that. If I reject their valuation, could someone advise how I then negotiate? Will I then need to pay for my own surveyor for a second opinion or do I just ask a solicitor to negotiate for me?

If I agree with the price, do even need a solictor or do I just pay the money?

Any advice appreciated. Thanks