Tyneside flat lease extension

LAF68

I am in the process of selling my first floor flat. It is leasehold the freeholder being my downstairs neighbors. It is a Tyneside flat. The buyer wants to know the costs of a lease extension. My solicitor is useless and says I have to find this out from the freeholder. They have no objection to the extension but haven’t a clue about costs where do I go from here ????

worried_jim

Offer them £99 for 125 years.

LAF68

Really ?????

LAF68

Could I make them an offer without going through solicitors etc ?

eddddy

I'd have thought that the most sensible approach would be to do a reciprocal deal.

i.e. You agree to extend your neighbour's lease for free (as you're his freeholder), and he agrees to extend your lease for free (as he's your freeholder).

So it's just legal fees to pay.


BUT... the problem is that people often shy away from this kind of stuff, because they don't understand it. So your biggest challenge might be getting your neighbour to understand and agree.

xylophone

https://www.wardhadaway.com/updates/tyneside-flats/

Local conveyancing solicitors must be very familiar with this type of ownership - why don't you and your fellow owner see a solicitor and arrange to grant each other 999 year leases?