Variation of Deed

Baldyman1

user1977 said:

Baldyman1 said:

1. Was my solicitor in 2018 when I purchased neglected?  He didn't point this out directly to me in any correspondence. 

Why do you say "directly"? What advice did he give you?

It probably wasn't as much of a (talked about) issue, or one which had much effect on marketability, and indexed with RPI is "fairer" than the ones which just get doubled every x years irrespective of what's happened to the real value of money or property prices.

Absolutely no e gesture I can find in any documents and I have a live Web portal with all documents on it.

user1977

Baldyman1 said:

user1977 said:

Baldyman1 said:

1. Was my solicitor in 2018 when I purchased neglected?  He didn't point this out directly to me in any correspondence. 

Why do you say "directly"? What advice did he give you?

It probably wasn't as much of a (talked about) issue, or one which had much effect on marketability, and indexed with RPI is "fairer" than the ones which just get doubled every x years irrespective of what's happened to the real value of money or property prices.

Absolutely no e gesture I can find in any documents and I have a live Web portal with all documents on it.

Did they give you any sort of report about what the lease says?

eddddy

Baldyman1 said:

eddddy said:

Baldyman1 said:

2. Lease extension is going to cost around 8 to 10K , the existence lease has 979 years to run.I had a quote.

Who gave you that quote, and what specifically is it for? Did you pay somebody for the quote?

If it's a premium for a Statutory Lease Extension - that sounds very low.

https://www.lease-advice.org/calculator/

https://www.samconveyancing.co.uk/   

Obviously this is massively subjective.  Value would be 175,000 and lease expires in 973 years . Was a 999 year.
 lease.

Working on 6k plus legals so 8 to 10 k total.

Unfortunately, I don't think you noticed the notes on the calculator page.

The Lease Advice calculator says:




Your ground rent rises/increases with RPI - that makes a huge difference.

If you typed in '£267' as your ground rent, the calculator has assumed that it will be £267 for the next 973 years.

As I mentioned previously, £15k to £25k plus legal costs is likely to be closer (using the current formula).

Baldyman1

user1977 said:

Baldyman1 said:

user1977 said:

Baldyman1 said:

1. Was my solicitor in 2018 when I purchased neglected?  He didn't point this out directly to me in any correspondence. 

Why do you say "directly"? What advice did he give you?

It probably wasn't as much of a (talked about) issue, or one which had much effect on marketability, and indexed with RPI is "fairer" than the ones which just get doubled every x years irrespective of what's happened to the real value of money or property prices.

Absolutely no e gesture I can find in any documents and I have a live Web portal with all documents on it.

Did they give you any sort of report about what the lease says?

Nope none at all

user1977

Baldyman1 said:

user1977 said:

Baldyman1 said:

user1977 said:

Baldyman1 said:

1. Was my solicitor in 2018 when I purchased neglected?  He didn't point this out directly to me in any correspondence. 

Why do you say "directly"? What advice did he give you?

It probably wasn't as much of a (talked about) issue, or one which had much effect on marketability, and indexed with RPI is "fairer" than the ones which just get doubled every x years irrespective of what's happened to the real value of money or property prices.

Absolutely no e gesture I can find in any documents and I have a live Web portal with all documents on it.

Did they give you any sort of report about what the lease says?

Nope none at all

Well that sounds worthy of a complaint anyway. Though as I said, even a "competent by 2018 standards" report won't necessarily have been sounding alarm bells about the rent review provisions.

Baldyman1

eddddy said:

Baldyman1 said:

eddddy said:

Baldyman1 said:

2. Lease extension is going to cost around 8 to 10K , the existence lease has 979 years to run.I had a quote.

Who gave you that quote, and what specifically is it for? Did you pay somebody for the quote?

If it's a premium for a Statutory Lease Extension - that sounds very low.

https://www.lease-advice.org/calculator/

https://www.samconveyancing.co.uk/   

Obviously this is massively subjective.  Value would be 175,000 and lease expires in 973 years . Was a 999 year.
 lease.

Working on 6k plus legals so 8 to 10 k total.

Unfortunately, I don't think you noticed the notes on the calculator page.

The Lease Advice calculator says:




Your ground rent rises/increases with RPI - that makes a huge difference.

If you typed in '£267' as your ground rent, the calculator has assumed that it will be £267 for the next 973 years.

As I mentioned previously, £15k to £25k plus legal costs is likely to be closer (using the current formula).

Well we will have to see , not what the solicitor has confirmed on the phone ( unless this is another scam ) . For the sake of 1500 to 2k in legals it might be worth rolling the dice to see what the specialist valuation comes back at .

If I'm going to spend 25K plus then I'm better off knocking that off the mortgage and turning it into a rental 

eddddy

Baldyman1 said:

Well we will have to see , not what the solicitor has confirmed on the phone ( unless this is another scam ) . For the sake of 1500 to 2k in legals it might be worth rolling the dice to see what the specialist valuation comes back at .

If I'm going to spend 25K plus then I'm better off knocking that off the mortgage and turning it into a rental 

What did your solicitor say on the phone?

Solicitors don't usually get involved in the valuations for lease extensions - they generally leave it to specialist valuers. 

Hopefully, you have a specialist lease extension solicitor.  Often specialist lease extension solicitors will recommend a valuer who they've worked with before.



Typically, a lease extension valuer would charge £600 to £900 for a 'proper' valuation.  But because you have a 973 year lease, your valuation should be very easy - and no visit to the property should be required.

So you might find a valuer prepared to do a desktop valuation for less than that.