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Lease extension
JohnBravo
Posts: 274 Forumite
Hi All,
Do you know what is the rough amount of money for a lease extension for a property valued at about 300k in London?
The estate is owned by the council. The building was built in the 50-ties.
As far as I know the process of extending the lease with the council is shorter and simpler but not sure what in terms of an offer.
What are the main factors influencing the amount?
Best regards
0
Comments
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The main factor is the remaining time left on the current lease.No free lunch, and no free laptop
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The ground rent and the type of property (flat vs. house) will also have an impact.The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always try to check official information sources before relying on my posts.1
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If it's for a flat you could try this calculator to get an estimate.
https://www.lease-advice.org/calculator/
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I contacted the solicitor who specializes in this area and he has said ~£5.5k for the offer which is an upper half what the calculator is showing. I reckon in total is going to be ~£7k.5 years later and this cost goes up to £22kThank you for answers and the pointing me to the calculator.0
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