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Lease Extension Cost?
GeorgePowerFinch
Posts: 65 Forumite
Hi there,
I am a first time buyer and have seen a property I love, its worth £200,000 and the lease has 87 years left on it, I'm a bit skeptical as I've heard anything below 83 years can be really expensive to extend.
Does anyone have any idea on how much it would cost to extend the lease and how many years I can extend it by? Preferably I'd love to extend it to 120 years but unsure of this cost?
Depending on the price I'm sure we can make an offer with the person selling, I'd just like some more information regarding lease extension.
Thanks
I am a first time buyer and have seen a property I love, its worth £200,000 and the lease has 87 years left on it, I'm a bit skeptical as I've heard anything below 83 years can be really expensive to extend.
Does anyone have any idea on how much it would cost to extend the lease and how many years I can extend it by? Preferably I'd love to extend it to 120 years but unsure of this cost?
Depending on the price I'm sure we can make an offer with the person selling, I'd just like some more information regarding lease extension.
Thanks
0
Comments
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There is a lease extension calculator that will give you a rough idea of the cost, but you also have to factor in all the legal fees too. The cost of the ground rent is used in the calculation. You can find the calculator at lease advice.org0
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Or look at this, the Moneysavingexpert's own guidance?
https://www.moneysavingexpert.com/mortgages/extend-your-lease/0 -
[FONT=Verdana, sans-serif]Here are a couple of calculators[/FONT]
[FONT=Verdana, sans-serif]https://www.lease-advice.org/calculator/[/FONT]
[FONT=Verdana, sans-serif]https://www.freeholdcalculator.com/leasehold_extension.php[/FONT]
[FONT=Verdana, sans-serif]Remember to factor in both sides legal and surveying costs which could well total £3/£4k.[/FONT]0
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