Lease Extension Quotes FMPLC

Kipple

Hi,


We have just started the lease extension process. Our freeholders are Freehold Managers PLC.
I was disappointed that, having charged us £150 for a quote, the freeholders quoted for an extension of 43 years rather than the 90 that we are legally entitled to and raised the ground rent when that should go down to 0.


I hope that by posting here I can save some people from making the same mistake. It is far better to save your £150 and go straight to your solicitor!

eddddy

It's worth bearing in mind that your freeholder has simply made an offer to you.

You can make a counter offer if you want - based on 90 years added to the term, at zero ground rent.

Getting a statutory lease extension might cost you £3k to £4k in professional fees.

Have others in your block had statutory lease extensions (+90 years at zero ground rent)? If so do you know what they paid?

You could try offering what others paid, plus say £1.5k - in order to entice the freeholder and avoid a lot of the professional fees.

Kipple

Thanks for your reply.


I think we're the first in our block to extend as we still have 84 years on the term. I don't know the other home owners as they are landlords.


In hindsight I wish I'd specified that I wanted at least 90 years etc. before paying for the quote. But hopefully someone else can learn from that mistake!

giraffe81

Hi,

I am in a very similar situation to you, same freeholder and amount of time left on the lease.

Likewise I haven't been able to find anyone that has extended it yet and I am currently trying to sell my flat and am getting questions on how much it would cost to renew the lease.

Out of interest did you get any further with getting a 90 year quote?

Thanks