Lease extension

Uk_Lover

Richard_Webster wrote: »

If there is only around 60 yaers left on the lease I hope OP doesn't need a mortgage to buy it as a lot of lenders won't lend on a lease of that length so he would need to get the seller to organise the extension to complete at the same time as the purchase.

Thanks Richard
That's the plan, both sorted at the same time so move in with brand new lease, making it part of the conditions if I can.
I tell you one thing i've noticed today, the amazing difference of prices of solicitors. Must have spoken to 15 today and have been offered prices ranging from £1000 to £2200. Decided to go with my friends guy, all in for £1200 so not to bad and he's based in central London !
Now off to take a chill pill, forgot how stressful this is !!:rotfl:

Nick_Plotnek

Don't forget that in order to compel the freeholder to give you your statutory lease extension under the Act (that is, a 90-year extension at a nil rent) the vendor of the flat will need to qualify under the Act and must serve a valid Notice claiming the extension before you contract to buy the flat.

Good luck!

propertyman

Uk_Lover wrote: »

I tell you one thing i've noticed today, the amazing difference of prices of solicitors. Must have spoken to 15 today and have been offered prices ranging from £1000 to £2200.

It is important to understand the quote for fees as opposed to fees and expenses and disbursements. I posted this earlier "elsewhere"

Solicitor Available- Will Work For Food.

A colleague mentioned this morning the article in the Times about Solicitors bemoaning their loss of income ( and the Legal Aid Fund changes) as County Courts are dealing with roughly 50% of their cases with unrepresented parties.

The solution is evident if unpopular. Solicitors will have to accept more work for less money or go out of business.

I know and appreciate the time and investment to attain and maintain professional qualification, but in tough times you have to adapt, and in some cases that means cutting rates, not subsidy.

There is an opportunity being missed to offer a service at lower rates by reducing overhead by taking on empty unlet offices ( even here in Central London) on service charge only and hiring staff desperate for work.

This would be an example to many as way to kick start our economy by doing what business should do- seek out your market.

I would have no problem at seeing a queue of solicitors with briefcases and signs with " Divorce £500 plus expenses" outside a court.

And I don't think most people would have any sympathy for them.

jee

Can you ask the vendor to give notice to extend the lease and he can then transfer the right to you upon completion? This way you don't have to wait 2 years.
Also in addition to the cost of extending the lease remember to factor in the costs of your solicitors as well as the freeholders (which you have to pay for).

Nick_Plotnek

Yes, you can ask a vendor to serve Notice to extend the lease, and then have the benefit of that Notice assigned (transferred) to you on completion. You can then proceed with the lease extension under the 1993 Act.

Kynthia

Unless someone has a current quote from the freeholder then everyone is guessing how much it will cost to extend the lease. My freeholder wants to charge me much more than websites say he should.

Nick_Plotnek

Unless someone has a current quote from the freeholder then everyone is guessing how much it will cost to extend the lease. My freeholder wants to charge me much more than websites say he should.

Do be careful with this! A current quote from the freeholder should not be regarded as the true cost to extend the lease, only perhaps as a maximum. And website calculators should only be considered as a guide. They are not always accurate – this is because there are regional variations in (the frequently changing) valuation principles.

Taiko

Uklover, I think I may know where you're buying. All of this sounds extremely familiar to me, although may just be myself.

Will drop you a PM about this one, I may be wrong, might just all be coincidence.