Extending Lease - Being asked the value of my place? Why doesn't my solicitor sort it?

OpolE

Hi

I am ready to complete my lease extension on my flat. Built in 1993, 2 bedrooms on the 2nd floor. Top floor with loft access above.

The solicitor has asked:
"HM Land Registry will require confirmation of the estimated market value of the property to calculate the registration fee. I would be grateful if you could please provide an estimate as to what you consider the market value"

I have used Zoopla to get the value of £281,000. I bought it for £245,000 in Oct 2019.

I was wondering if you put a higher figure you will be charged more money or lower and less fee? Or maybe there is a cut off like £260,000 or something.

Any issues If I would have chosen £300,000 as that's what I thought the value could be by now, especially as it would go up after extending the lease.

Thanks

EssexHebridean

The solicitor doesn't know what improvements you might have done (higher value) or whether it might be in disrepair (lower value) - hence them asking you, as the person best placed to know the correct answer. Using Zoopla as you have done is as good a way as any of coming up with a figure, and the only difference that figure makes in reality is if it pushes the property into the next level of Land Registry fees, but even then it wouldn't make a massive amount of difference. Just be as accurate as you can. 

The figure will appear on the register, and that is something which any future buyer will see.