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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10458
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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Im a Land Lord just got a letter stating LRHUDA 1993 to grant

Customer Question

I'm a Land Lord just got a letter stating LRHUDA 1993 to grant a new lease for £4923.00 the term equal to unexpired period which is 92years plus 90 ninety years.

Which seems a long time for that amount of money?
Submitted: 3 years ago.
Category: Law
Expert:  Aston Lawyer replied 3 years ago.
Hello and thanks for using Just Answer.

My name is XXXXX XXXXX am happy to assist you with your enquiry.

Could you please tell me how much the property is approximately worth and how much the annual ground rent is.

Thanks
AL
Customer: replied 3 years ago.

The ground rent is £75.00 a year The flat is worth approx. £400,000.00

Expert:  Aston Lawyer replied 3 years ago.

Hi Maureen,

Thanks.

Give me a couple of minutes and I'll come back to you.

AL
Expert:  Aston Lawyer replied 3 years ago.

Hi Maureen,

After a quick calculation, I confirm that such a Lease extension should cost approximately £5,000 plus your costs.

As there is such a long term left on the existing Lease, this is why it appears on the low side to you. (A Lease extension gets more expensive the shorter term there is left on the existing Lease).

You may/should speak to a specialist Surveyor if you want a further opinion on the value stipulated by the Tenant's Notice, but it is what I would expect.

I hope this answers your question.

Kind Regards
AL
Aston Lawyer and other Law Specialists are ready to help you
Customer: replied 3 years ago.

thank you I forgot to consider my cost.

Expert:  Aston Lawyer replied 3 years ago.

Hi Maureen,

Thanks. You will be entitled to claim your Surveyors and Solicitors costs off the Tenant.

I hope I have been of assistance to you.

Kind Regards
AL

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