Leasehold extension, new law. Advice needed!

arunadasi

Thanks all, and you are right, I'm a complete novice at all this.  I think I do indeed need a solicitor; it's all very complicated to me! I'll be back when I have sorted it in my mind/been advised/ made a decision.
Again, thanks a milliion. I do feel a bit overwhelmed by it all.

ThisIsWeird

It appears to me as tho' both parties here can 'win'? 
You could get your extension for less than what you'd normally expect at this point in time, as the FH knows the law is changing and could lose out even more, and the FH could get more than what the future change would suggest.
It 'just' needs that compromise.
From your end, an incentive for your FH to act now would be that you have the very clear option of simply continuing to rent the place out until the law is finalised. I'd suggest you make it clear that's your most likely intention, if the FH is expecting full whack.
The only thing that matters is the total cost to you, and for how many years extension. It'll be a combination of solicitor's fees, valuations, and the actual sum - it's the final figure wot matters. So I'd suggest you try and ascertain what this end figure would likely be if this new law did not exist.
That one figure (which currently would include marriage fees, and the FH's legals) is your starting point - try to arrive at it within, say, £5k? And then there's the best scenario outcome should the law enact in full - no marriage, no FH legal fees, and whatever (of course, that's unlikely, at least for a good while, so be prepared to be moveable there). This single arrived-at figure will obviously not be very accurate, but will will give you an idea, and a negotiating lever.
Then you start talking. Use these two sums, so as to keep the negotiating detail simple.

Beverley_Hillbillies

Albeit almost 12months old, following with interest 

We're in exactly the same position, 49yrs remaining, albeit mortgage free, we're considering selling

And like the OP, we're complete novices 

youth_leader

I would start a new thread of your own. @eddddy is very knowledgeable and gave me a lot of expert advice, I am sure he will help you.

EssexHebridean

eddddy said:

So presumably you are currently applying for a Statutory Lease Extension.  (That doesn't extend your lease to 90 years, it adds 90 years to your lease - so it will be 139 years in total.)

And you're talking about changes in The Leasehold and freehold reform act 2024

Unfortunately, things don't seem to be as clear-cut as your estate agent suggests...

• Current Government guidance is that the reforms will come into effect in 2025/2026 - so you'll have to wait until then to re-apply.

• If you withdraw your current lease extension application, the current law is that you'll have to wait a year until you can start a new application (and I don't think that's changing in the new act).

• If you withdraw your application you'll still have to pay your freeholder's legal and valuation fees - as well as your own legal and valuation fees. So that's probably in the thousands of pounds.

• The new act abolishes Marriage Value - which should make your lease extension cheaper. But some freeholders are claiming that infringes their human rights, and they are threatening to challenge the government in court. So that might be reversed.

Presumably you have a solicitor advising you. I think you should ignore your estate agent, and ask your solicitor for advice.

When it comes to legal matters generally, this is excellent advice. 

Always best not to take legal advice from someone with precisely no qualification to provide it.