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Lease Extension - Share of Freehold
melpomene
Posts: 185 Forumite
I've read in the fab lease extension guide that you can extend the lease on a SOF flat for free [barring legal fees which look to be in the region of £2,500.00].
I am looking to buy a flat which is SOF, has only a 51 year lease [i.e. under the perilous 60 years].
I hve been quoted 2 prices for the property, the second includes a 90 year lease extension that the vendor's solicitor would arrange, and for this they are adding £55,000.00.
If it were leasehold, this figure might not be too outrageous [I did the calculation based on 60 years], but yet the spec states that the property is SOF.
Any help or exoerience would be very welcome.
I am looking to buy a flat which is SOF, has only a 51 year lease [i.e. under the perilous 60 years].
I hve been quoted 2 prices for the property, the second includes a 90 year lease extension that the vendor's solicitor would arrange, and for this they are adding £55,000.00.
If it were leasehold, this figure might not be too outrageous [I did the calculation based on 60 years], but yet the spec states that the property is SOF.
Any help or exoerience would be very welcome.
0
Comments
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It may be that each of the other leasholders have already paid to extend their leases. In which case they'll want the leaseholder of this flat to pay to.I've read in the fab lease extension guide that you can extend the lease on a SOF flat for free [barring legal fees which look to be in the region of £2,500.00].
this is only true if the owners of the freehold agree. As one of the joint owners, you can certainly propose that your lease (and others) should be extended free. Whether the other joint owners agree is up to them.
I am looking to buy a flat which is SOF, has only a 51 year lease [i.e. under the perilous 60 years].
Get the current owner to extend before you buy.
I hve been quoted 2 prices for the property, the second includes a 90 year lease extension that the vendor's solicitor would arrange, and for this they are adding £55,000.00.
Ah!
If it were leasehold, this figure might not be too outrageous [I did the calculation based on 60 years], but yet the spec states that the property is SOF.
Any help or exoerience would be very welcome.
Knock on doors and have a chat with them?0 -
Very helpful, thanks.
Have checked 2 other flats in the block, and both have leases 199 years since 1965 [when the block was built].
I'm not clear why this one differs.
Bottom line is I don't want to pay 55K if I don't have to.0
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