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New lease price is this right
wolf33055
Posts: 9 Forumite
I have a 2 bed room flatthat has been recently valued at £90k, the lease is now down to 67 years so we have decided that we should sort it out incase we want to sell in the future. we have had a quote for £7100 to extend it back to 99 years, is this notmal, it seems a little over the top to me.
0
Comments
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You have a statutory right to extend your lease by an additional 99 years if you have owned the property for at least two years. It involves a complex calculation taking in to account property value and length of lease and a number of other factors. Leases with less than 80 years remaining are significantly more expensive to extend. You can get all the info from:
leasehold advisory service
They will do a free estimate but it takes ages.
One of the contributors on this forum
landlordzone
will also give you an estimate in exchange for a donation to a charity.0 -
I bought a flat last year that had 59 years left on lease the management co wanted £6000 plus fees of approx £1000+vat to extend lease by 25 yrs :eek:0
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