Leasehold extension in a share of freehold

Brokenlynx

I'd just like to get some guidance on what the procedure is for a leasehold extension in a share of freehold scenario. 

I live in a build where the tenure is a share of freehold with three other freeholders and 86 years remaining on the lease (this remaining tenure is similar across all of the freeholders).

I'd like to extend the lease and have looked at the lease extension calculator. 

The calculator estimates a £5000-£7000 cost for the extension.

For my scenario I understand that a 'statutory lease extension' is not necessary if I can get the other free holders to agree to the extension.

With all this in mind: 

• Does the £5k  -£7k estimate cover the extension of lease term for all leaseholders (who have a similar amount of time remaining on their leases) or just myself? 
• Do we as freeholders need to nominate a single solicitor to complete this extension?
• Is any supporting documentation required to do this?
• Any tips on how I can get the ball rolling on this process as I'm aware the 80 year mark is approaching and would like to have this fixed before it becomes more of an issue. 

Any help is appreciated, thanks.

eddddy

Normally, all 4 of the flat owners would extend their leases to 999 years at the same time - at no cost. (Except that you would all pay solicitors fees.)

TBH, that should really have been done when the leaseholders first bought the freehold.


But the above assumes that the 4 flat owners are sensible, rational, understand leases, and are motivated to sort stuff out. Often that's not the case.  


Otherwise you end up in a daft situation something like this (assuming the lease extension cost is £6k)...

• You pay £1.5k each to owner 2, owner 3 and owner 4 to extend your lease
• Owner 2 pays £1.5k each to you, owner 3 and owner 4 to extend their lease
• Owner 3 pays £1.5k each to you, owner 2 and owner 4 to extend their lease
• Owner 4 pays £1.5k each to you, owner 2 and owner 3 to extend their lease

And all the money just goes round in a complete circle.

Brokenlynx

Thanks @eddddy this makes it sound incredibly simple, is the reason it tends to work out more complex in practice because people get a little jumpy once solicitors and money are involved?

eddddy

 Brokenlynx said:

.... is the reason it tends to work out more complex in practice because people get a little jumpy once solicitors and money are involved?

Maybe.  I think the other problem is that some people don't understand the reasons for extending a lease, so they don't want to get involved.