Should I extend lease before putting flat on market

J_Wilko

hi,

it may not be worth extending it, as it's not really that short of a period therefore shouldn't put off buyers. I would speak to an advisor just to be sure.

Diamondsandrust

Hi everyone

Thanks for these replies.

Our ground rent is currently 150 per annum, increasing to 300 in 2042 and 700 in 2075 until the remainder of the term.

I am going to contact the freeholder and enquire about the costs and terms of extending to see what he puts forward before I go down the statutory route. 

I am worried he will quote an outrageous figure, though.

Thanks

m0bov

Slithery said:

m0bov said:

I'd extend on peppercorn ground rent for 999 years (or however long). Its a statutory extent ion if you have been there 2years+. It will add value and make it much more sellable. No escalating ground rent.

I think that you made a serious typo there. A statutory extension only adds 99 years to the lease, not 999...

Not really, that's why I put "or however long". )

genericn17

86 years would have put me off buying a flat when I was looking.

My buyer was in the process of extending when I bought and the long lease definitely made it more appealing - although also delayed the process as it took forever to go through the land registry due to the delays they've been having. However the lease had got so low it was unmortgagable without the extension so that may not be such an issue here - but worth understanding how long it would take and what the process is.