Extend Your Lease guide discussion

strawberries1

Can't open link https://www.freeholdcalculator.com/

strawberries1

oldwiring wrote: »

I came across https://www.freeholdcalculator.com/leasehold_extension.php

The site purports to give detailed calculations. Those include
Yield Rate:6%; Reversion Rate: 5%, the latter fixed by case law.

However the former is not so fixed, and as current interest rates are low and continue for some time, do some free holders now apply a lower discount rate to the future income stream, and so additional costs to the lessee?

The link https://www.freeholdcalculator.com/ doesn't open for me.

strawberries1

oldwiring wrote: »

I came across https://www.freeholdcalculator.com/leasehold_extension.php

The site purports to give detailed calculations. Those include
Yield Rate:6%; Reversion Rate: 5%, the latter fixed by case law.

However the former is not so fixed, and as current interest rates are low and continue for some time, do some free holders now apply a lower discount rate to the future income stream, and so additional costs to the lessee?

This link isn't opening for mee. https://www.freeholdcalculator.com/

cherie63

Matty-hunt.
So how is it going with your lease as I am in the same boat.
Lease extension done by solicitor but only just contacted the lender to ask for Deed so Substitution. So many deed names very confusing.
Now unsure of whether I've cocked up as bigger all help from the other fats, even though they have Been copied in to all corresponding between solicitors snd each flat.

daztraction

sukavi2011 wrote: »

Hi all, am looking for a little advice. I have recently moved into a flat with 89yr lease, by time it comes to extend will be 87yr. Property value is currently around 260k. I have used the lease calculator and it says 6-8k for 90yrs. I am wondering what the situation might be in around 18 months time. If the government are making changes this year then hopefully this will be for the better. Then there was the issue of appointing solicitor etc. I was thinking of asking same one I bought and sold last/this property, but obviously would make sense to get several comparisons. My property is ex local authority hence they are the freeholders. I see this as possibly a good thing but may be wrong. Any advise much appreciated

I also have 89 years left on my lease and would be interested in folks opinions as to what may happen over the next two years in regards to Government changes to extending leaseholds. I'll probably hold off from extending my lease for a few years anyway (and stash some money away in the meantime to pay for it), but I'm wondering what's in store in the meantime.

cpfcstar

Hi, I'm back with a few more questions if anyone could kindly help...

Our freeholder has agreed to do an informal lease extension now, provided we pay all of their legal fees.

But - we've hit two problems here with the solicitors (QCAS on behalf of Barclays remortgage) and we want to know if we have a standing to contact a negligence solicitor.

1 - They authorised a remortgage, that specifically had in the application that we were changing the S.42 name from 1 name to two (to increase our borrowing), and again in the application we wrote that the remortgage funds were to extend the lease formally. A lease extension cannot be done this way unless the s42 has been held under the same name for two years.
So the bank or solicitors read the application and granted the mortgage, giving us the money but removing the years of concurrent ownership which wasn't pointed out until the freeholder noticed it.

2 - Land registry eventually sent through our new title deed and there was an astronomical mix up by Qcas. Somehow they had transferred our names onto land registry's copy of the Freehold and not the leasehold (?!?!?!) Qcas said they'd resolve this but the Freeholder found out and is now demanding £750 in fees because of the cost of their solicitors work involved.

We are tearing our hair out, we've said we can't afford to pay that £750 atm as it's come out of the blue.

Please can someone help. Ages ago the lease advisory service said it might be worth a shot consulting a negligence solicitor just to recoup something.

strawberries1

An informal lease extension does not require 2yrs ownership prior; it's the statutory extension that requires this.
Registration of title or correcting at the Land Reg is simply filling an AP1 and TR1 if transferring. It takes less than 5mins so that is an unreasonable charge, however ask the firm who made the error to contest, negotiate and pay it.

cpfcstar wrote: »

Hi, I'm back with a few more questions if anyone could kindly help...

Our freeholder has agreed to do an informal lease extension now, provided we pay all of their legal fees.

But - we've hit two problems here with the solicitors (QCAS on behalf of Barclays remortgage) and we want to know if we have a standing to contact a negligence solicitor.

1 - They authorised a remortgage, that specifically had in the application that we were changing the S.42 name from 1 name to two (to increase our borrowing), and again in the application we wrote that the remortgage funds were to extend the lease formally. A lease extension cannot be done this way unless the s42 has been held under the same name for two years.
So the bank or solicitors read the application and granted the mortgage, giving us the money but removing the years of concurrent ownership which wasn't pointed out until the freeholder noticed it.

2 - Land registry eventually sent through our new title deed and there was an astronomical mix up by Qcas. Somehow they had transferred our names onto land registry's copy of the Freehold and not the leasehold (?!?!?!) Qcas said they'd resolve this but the Freeholder found out and is now demanding £750 in fees because of the cost of their solicitors work involved.

We are tearing our hair out, we've said we can't afford to pay that £750 atm as it's come out of the blue.

Please can someone help. Ages ago the lease advisory service said it might be worth a shot consulting a negligence solicitor just to recoup something.

cpfcstar

strawberries1 wrote: »

An informal lease extension does not require 2yrs ownership prior; it's the statutory extension that requires this.
Registration of title or correcting at the Land Reg is simply filling an AP1 and TR1 if transferring. It takes less than 5mins so that is an unreasonable charge, however ask the firm who made the error to contest, negotiate and pay it.

Sorry I thought you may have seen my earlier posts. Originally we were trying to go through a formal process because my partner had owned for two years - but then we did this remortgage involving a change of names (nobody told us it would render us unable to do the formal route) and then from the Freeholder we found out it became 0 years ownership... thus now why we are persuing an informal ext. so we were il advised throughout tbh.

strawberries1

cpfcstar wrote: »

Sorry I thought you may have seen my earlier posts. Originally we were trying to go through a formal process because my partner had owned for two years - but then we did this remortgage involving a change of names (nobody told us it would render us unable to do the formal route) and then from the Freeholder we found out it became 0 years ownership... thus now why we are persuing an informal ext. so we were il advised throughout tbh.

Apologies; now I recall.

eddddy

cpfcstar wrote: »

2 - Land registry eventually sent through our new title deed and there was an astronomical mix up by Qcas. Somehow they had transferred our names onto land registry's copy of the Freehold and not the leasehold (?!?!?!) Qcas said they'd resolve this but the Freeholder found out and is now demanding £750 in fees because of the cost of their solicitors work involved.

At this stage, I'd refer this all back to Qcas.

Tell Qcas that the freeholder's solicitor is claiming £750 for dealing with Qcas's error - so tell Qcas to deal with the matter.

(And let Qcas decide whether they want to pay the £750, or argue about it, or ignore it or whatever.)


And also tell the freeholder (and/or their solicitor) that the matter is being dealt with by Qcas, so they should contact them about it.

(It may be best not to explicitly say to the freeholder that Qcas made a mistake - just in case that's not 100% correct.)