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A statutory lease extension would add 90 years to the lease and reduce the ground rent to a peppercorn.
(Be very careful about agreeing different terms from those, especially if they include an increased or rising ground rent.)
A statutory lease extension typically takes between 6 months and 18 months to complete.
Time isn't on my side as the freeholder in the ground floor flat is selling too. I'm looking to cut a deal that we both benefit from.
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I doubt you'll do much better than statutory - so might be worth talking to him and saying "Look, this is what Stat will come up with, can we do this privately more quickly?"Time isn't on my side as the freeholder in the ground floor flat is selling too. I'm looking to cut a deal that we both benefit from.0 -
I doubt you'll do much better than statutory - so might be worth talking to him and saying "Look, this is what Stat will come up with, can we do this privately more quickly?"
I agree, that's exactly the tactics I had in mind. I know them really well after living above them for 9 years.0 -
Decent 'ish', Iford is the Mayfair of Bournemouth! You're exactly right, it's a decent ish area, and I'm hoping my flat will sell fast. I'm going to cut a deal with the freeholder to extend the lease back to 90 years for a fair price hopefully. That way it'll negate the marriage value as I don't think that they're that bothered as they are selling up too. I just need to get it done quickly.
Well a couple of years when I couldn't afford a summer holiday I used to go to the 'ford's' on holiday..... Iford, mudeford........ Used to avoid somerford ;-)0 -
Well a couple of years when I couldn't afford a summer holiday I used to go to the 'ford's' on holiday..... Iford, mudeford........ Used to avoid somerford ;-)
I know Somerford well, I went to the Grange School on the estate. I lived in Purewell in the Rising Sun pub at that point. I agree, Somerford wasn't my favourite place either. I don't think it's so bad these days I'm told...but it's still Somerford 0
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