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Offer to sell lease extension, or wait?
hubris
Posts: 98 Forumite
I am the leaseholder of a flat in a house that's been converted into two flats. I also own the freehold for the whole house. The other flat's leasehold is owned by the local housing association and they rent it out privately.
There are 64 years left on the leasehold of the other flat. I want to sell up and move out, and selling the housing association a new lease would also unlock some money for me.
What is the best way to do this - should I approach them first with an offer, or will this affect the price I can get for it? Or point out to them the length of their lease and wait for them to take action?
I'm new to all this.
Many thanks.
H.
There are 64 years left on the leasehold of the other flat. I want to sell up and move out, and selling the housing association a new lease would also unlock some money for me.
What is the best way to do this - should I approach them first with an offer, or will this affect the price I can get for it? Or point out to them the length of their lease and wait for them to take action?
I'm new to all this.
Many thanks.
H.
Please use OpenDocument (ISO 26300) format (.odt - .ods - .odp - .odg) for attachments
0
Comments
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You've got nothing to lose by making them an offer.
(unless you don't properly research the value, that is)
tim0 -
Remind them the price will increase each year
Jx2024 wins: *must start comping again!*0 -
Would they want the freehold and the lease on your flat?Posts are not advice and must not be relied upon.0
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Thanks guys. I guess I should say something rather than wait around, as I do want to move on sooner rather than later!
Although the cost of extending a lease will/may increase each year the lease reduces, isn't there a limit to what I can charge? I'll need to do some research/hire a lawyer.
Thanks!Please use OpenDocument (ISO 26300) format (.odt - .ods - .odp - .odg) for attachments0 -
tim123456789 wrote: »No. don't do that - you will make you own flat much harder to sell.
tim
Why's that then?Posts are not advice and must not be relied upon.0 -
Thanks guys. I guess I should say something rather than wait around, as I do want to move on sooner rather than later!
Although the cost of extending a lease will/may increase each year the lease reduces, isn't there a limit to what I can charge? I'll need to do some research/hire a lawyer.
Thanks!
The limit to what you can charge is that laid down in statute, but most FH charge more than this by promising to make the process easier than the statutory one :-)0 -
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tim123456789 wrote: »because you now have a flat with its own lease that will cost to extend
tim
But the HA would then be the freeholder of both flats and own both leases.Posts are not advice and must not be relied upon.0
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