Shared Ownership Lease Extension

Cucela

Lease extension 

Has anyone recently extended their lease? Some online calculators sent me in to panic. 

Current remaining lease 85 years. 

50% value £145,000

Ground rent on 50% £825 per annum

HA fees: £1375 (inc valuation and solicitors fees)

Anyone could share what was the cost involved if you were in similar position?

eddddy

Are you sure that your ground rent is £825 per year?

Ground rent on a HA property would usually be much lower than that. 

I ask because the level of ground rent has a huge impact on the cost of a lease extension.

(Or does the ground rent increase with RPI? That would have a huge impact on the cost of a lease extension as well.)


Just in case there's some confusion, ground rent isn't the same as rent. (£825 sounds more like it could be monthly rent for the 50% share)

youth_leader

I don't know about 50% shares, but my aunt has recently extended her 74 year lease.  She is 87 and denied all knowledge of having to monitor the years, I do wish I'd not got involved.  We used this calculator - Lease extension calculator for flats - The Leasehold Advisory Service.  Not completely accurate - her chartered surveyor valued it at £2K more.

As you have 85 years left you could wait until the new Bill is law?  Perhaps '25/26?  You would then be able to extend for 990 years - and ground rent is abolished?  I have offered to pay my aunt's landlord's costs for her, £900 inc VAT, this will also be abolished.  

Leasehold and Freehold Reform Bill: HL Bill 50 of 2023–24 - House of Lords Library