Lease extension - using Homehold?

jjlothin

I have 92 years remaining on the 125-year lease for my flat, and as I'm thinking I MAY move in the next year or so (plus the 80 year danger deadline is, of course, approaching), I've been looking into the pros and cons of extending the lease.

Bearing in mind that the legislation that is supposedly in the pipeline may take years to arrive, and that so far as I can tell, the only advantage it would have for me (given particularly my low ground rent, @ £10) would be that I'd get a 999 year extension rather than a 90 year extension, I was thinking of using Homehold (https://homehold.org/), as mentioned in MSE's 'extend your lease' guide as a one-stop shop to incorporate both solicitor and valuation costs. I recognise that this would doubtless be more expensive than using separate solicitor/valuer, but I'm finding it the devil's own job to get my head round all this as it is!

So I was just wondering whether anyone on the Forum has had experience of Homehold, and if so, whether they would recommend them?

anselld

If you are thinking of moving within a couple of years then I very much doubt that you would recoup much of your extension cost in additional value ot the flat.

eddddy

You could get get an idea of the cost of a lease extension using one of the online calculators, like this one:  https://www.lease-advice.org/calculator/

A valuer might charge up to £1k for valuing the lease extension and then negotiating with the freeholder. Your lease extension is probably going to be relatively cheap - maybe somewhere between £3k and £6k.

It might be worth approaching your freeholder to see what price you can negotiate direct with them, without involving a valuer. (But make sure it's for 90 years added to the lease, and ground rent reduced to zero - and no other changes.)

There's no point paying a valuer £1k, if you've already agreed a good price and/or the valuer will charge you £1k but only be able to get the price reduced by £500.


But you should definitely get a good solicitor, who specialises in lease extensions.

jjlothin

Thanks, edddy - that sounds like very useful advice!