How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Jo C. Your Own Question

Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 69527
Experience:  Over 5 years in practice
12826847
Type Your Law Question Here...
Jo C. is online now

Am I getting a raw deal - I have a leasehold property, 4 bedroom

Resolved Question:

Am I getting a raw deal - I have a leasehold property, 4 bedroom house detached, valued approximately £230'000, 74 years remaining on lease. When i moved into the property in 2005, i got a quote of £3,000 to buy the freehold, but didn't have any spare money - this year i asked for a quote and they now want £10,700 to buy the freehold - is it worth taking them to a tribunal - i also had to pay a administration charge of £150 to get the quote.
Submitted: 2 years ago.
Category: Law
Expert:  Jo C. replied 2 years ago.
Hi.

Thank you for your question. My name is XXXXX XXXXX I will try to help with this.

How much is the ground rent?

Have you had the freehold independently valued?

How much do they want to extend the lease?
Customer: replied 2 years ago.

My ground rent is £134 per year


I haven't had my freehold independently valued


I do not want to extend the lease, i only want to buy the freehold

Expert:  Jo C. replied 2 years ago.
Thanks

At some stage, you are going to have to extend your lease otherwise the property becomes unsellable and mortgageable within the next 10 years.

So you may want to get a professional valuation on your lease.

The formula for calculating the cost of a lease extension is extremely complicated although there are some lease calculators which will give you a rough estimate such as this one

http://www.fridaysmove.com/mortgage-lenders-and-short-leases/16245

armed with that, you are then in a position to decide whether you want to buy the freehold or not

At the same time, you need to get a valuation for the lease purchase from an experienced valuer who knows about valuing leases.

Once you have that you will be in a better position to know whether what you are being charged for the lease is reasonable or not reasonable.

Armed with that you can then decide whether you want to go to the Leasehold Valuation Tribunal to decide whether the price is fair or not but if the price is deemed to be fair, you can end up paying the tribunal costs.

Ultimately, if you are going to take this to the Tribunal you are going to have to get your own valuation done

Can I clarify anything for you?

Jo
Jo C., Barrister
Category: Law
Satisfied Customers: 69527
Experience: Over 5 years in practice
Jo C. and other Law Specialists are ready to help you

What Customers are Saying:

 
 
 
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
< Previous | Next >
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
  • A quick response, a succinct and helpful answer in simple English. I believe I can now confront the counter party with confidence -- worth the 30 bucks! Rick
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther
 
 
 

Meet The Experts:

 
 
 
  • Jo C.

    Jo C.

    Barrister

    Satisfied Customers:

    30316
    Over 5 years in practice
< Previous | Next >
  • http://ww2.justanswer.com/uploads/EM/emus/2015-7-7_192327_bigstockportraitofconfidentfemale.64x64.jpg Jo C.'s Avatar

    Jo C.

    Barrister

    Satisfied Customers:

    30316
    Over 5 years in practice
  • http://ww2.justanswer.com/uploads/BE/benjones/2015-12-1_0437_ennew.64x64.jpg Ben Jones's Avatar

    Ben Jones

    UK Lawyer

    Satisfied Customers:

    11553
    Qualified Solicitor - Please start your question with 'For Ben Jones'
  • http://ww2.justanswer.com/uploads/BU/Buachaill/2012-5-25_211156_barrister5.64x64.jpg Buachaill's Avatar

    Buachaill

    Barrister

    Satisfied Customers:

    1754
    Barrister 17 years experience
  • http://ww2.justanswer.com/uploads/JO/jojobi/2013-3-19_0265_maxlowryphoto.64x64.jpg Max Lowry's Avatar

    Max Lowry

    Advocate

    Satisfied Customers:

    894
    LLB, 10 years post qualification experience
  • http://ww2.justanswer.com/uploads/UK/UKLawyer/2012-4-12_9849_F2.64x64.jpg UK_Lawyer's Avatar

    UK_Lawyer

    Solicitor

    Satisfied Customers:

    750
    I am a qualified solicitor and an expert in UK law.
  • http://ww2.justanswer.com/uploads/KA/Kasare/kasare.64x64.jpg Kasare's Avatar

    Kasare

    Solicitor

    Satisfied Customers:

    402
    Solicitor, 10 yrs plus experience in civil litigation, employment and family law
  • http://ww2.justanswer.com/uploads/OS/osh/2015-7-7_19268_gettyimagesb.64x64.jpg Joshua's Avatar

    Joshua

    Lawyer

    Satisfied Customers:

    8199
    LL.B (Hons), Higher Prof. Dip. Law & Practice