Lease extension

Bio23

Hello all. 
Good afternoon.  Please does anybody know how to calculate the premium to pay for lease extension on a flat. The ground rent is Zero.
Thanks

amylan

To calculate an accurate lease extension premium, you would typically need to instruct a suitably qualified surveyor, however if it just an approximate range you're looking for, let me know the number of years remaining on your lease and which area of the country the flat is in? 

K_S

Bio23 said:

Hello all. 
Good afternoon.  Please does anybody know how to calculate the premium to pay for lease extension on a flat. The ground rent is Zero.
Thanks

@Bio23 For a ballpark figure, you could use the calculator here https://www.lease-advice.org/calculator/

The calculator won't give an estimate if there are less than 50 years remaining on the lease.

Bio23

amylan said:

To calculate an accurate lease extension premium, you would typically need to instruct a suitably qualified surveyor, however if it just an approximate range you're looking for, let me know the number of years remaining on your lease and which area of the country the flat is in? 

Hello. Thanks for your reply. The remaing amount of years left is 71 years.
Thanks

amylan

You are likely to pay no more than 10% of the "long lease" value to extend your lease if it is currently at 71 years. If indeed this is a central London flat, it is not strictly necessary to extend a mid-term lease. Also, it is worth bearing in mind that given the current market, some freeholders will be quite keen to offer lease extensions (for cashflow purposes), so make sure you negotiate well!

Bio23

Hello,

I have been informed that the £24, 460.00 is not negotiable due to the fact that it was my surveyor that did the valuation. Is this right?. I think this amount is ridiculous. I am staircasing to 100%. So that is why I want to use the opportunity to buy more lease. Can I get my solicitor to be involved. Please advice me. I was hoping to complete the mortgage and lease extension at the same time.