Leasehold Survey

m_mandan

Hi,

I am need of some help. I have bought a property about 10yrs back without fully understanding the problems with lease. When I bought the owner said he would help me get the lease extended but nothing came to fruition then.

Currently I have a very short lease left about 40yrs and want to extend but the freeholder is being ana**** and not responding properly.

I would like to know what would be the standard fees to pay for the leasehold extension survey, as from the day I have bought I have done extensive internal and external work myself to make the property be liveable.

Also what would be the standard cost of the solicitors for issueing of the relevant notices to get the lease extended.

Thanks for all the help in advance.

G_M

The cost of the survey will not be much.

The cost of the legal fees will not be much.

The lease extension (40 years to.... 99? 125?) will be VERY expensive.

Check out Leaseadvice here.

m_mandan

Thanks for the guide.

But what sort of prices am I looking at.

I have been asking around and am getting a quote from £300 + VAT to £1240 + VAT for survey

and

Solicitors around £175 + VAT per hr to £360 + VAT per hr

The range is too big and I cant decide which ones would be my best options.

I know the actual cost would be lease increament but some professionals on the board could possible guide.

princeofpounds

There is such a calculator on the page you were directed to. You can also ring them up. They are a government-funded service to provide advice on lease issues like this, so it's worth reading the pages there properly.

http://www.lease-advice.org/calc/

Actually, the calculator there doesn't work for remaining terms under 60yrs. But given at 60 years it is likely to be around 10% of the value of the property you are perhaps looking at notably more than that.

You might also want to visit landlordzone long leasehold forums.

Soundgirlrocks

Hi I would suggest you contact the leasehold advisory service, they are a govenment body and can advise you how to extent the lease with an absentee landlord. You have lived there for over 2 years so you have a right to extend. Legal fees for the extension we were quoted around £1200 and a survey of £600. The Survey is not affected by the decorative state or improvements you have made unless the alter the physical structure and sqf of the property. You will have to pay Marriage value to the freeholder as it is under 80years on the lease, might be worth seeing if you can buy the freehold. What kind of flat is it?

Soundgirlrocks

princeofpounds wrote: »

There is such a calculator on the page you were directed to. You can also ring them up. They are a government-funded service to provide advice on lease issues like this, so it's worth reading the pages there properly.

http://www.lease-advice.org/calc/

Actually, the calculator there doesn't work for remaining terms under 60yrs. But given at 60 years it is likely to be around 10% of the value of the property you are perhaps looking at notably more than that.

You might also want to visit landlordzone long leasehold forums.

Must have posted at the same time!

angelking

The house is a maisonette.
I have talked to leaseholdadvice guys and they also said they cant give me a value under 60 yrs.
Thanks for the information about the survey and solicitors cost. Atleast I know what to expect as sound cost.

Soundgirlrocks

If its a maisonette then I would see if you can purchase the freehold either jointly with upstairs/downstair (delete as applicable) or purchase outright. I don't think it would cost much more than extending the lease and gives you the control, plus makes the property much more attractive to buyers in the future.