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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10585
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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My lease has about68 years left to run can you please let me

Resolved Question:

My lease has about68 years left to run can you please let me know how much it would cost me to extend it to a level so i can sell if required. my landlord requires a survey done before they will let me know how much this will cost. to be honest they have a bad .and i dont want to be ripped off
Submitted: 1 year ago.
Category: Law
Expert:  Aston Lawyer replied 1 year ago.

Hi, could you please let me know how much your property is worth (estimate if you don' know exactly) and how much the yearly ground rent is? Thanks Al

Customer: replied 1 year ago.
worth around 235.000 if lease was up to date. ground rent is 200 per year
Customer: replied 1 year ago.
I cant afford to pay you anymore I am sorry.can you please reply by email thank you
Expert:  Aston Lawyer replied 1 year ago.

Thanks- just nipping to work now so will be able to calculate and let you know around 9am if that ok. Al

Customer: replied 1 year ago.
no problem thanks
Expert:  Aston Lawyer replied 1 year ago.

Hi, I would have thought you have already made a deposit to the site for this question, and I then get paid once you have given me positive feedback. Are you happy to do this?

Kind Regards

Al

Customer: replied 1 year ago.
I have paid 37 pounds is that ok
Expert:  Aston Lawyer replied 1 year ago.

That's fine!

I have now looked into the calculation, and the approximate cost for you to extend the Lease by an additional 90 years at a peppercorn rent (meaning nil rent) will be between £15,000-£18,000. This is the term of the extension all people are entitled to request, provided they have owned the property for 2 years.

(If you proceed, then the rent will automatically revert to nil per year).

You will also be responsible for paying the Freeholders legal fees (normally around £750 plus VAT) and any of his Agents fees (normally no more than £750 plus VAT).

If the Freeholder does come back to you with a higher figure than I have quoted, you should instruct a specialist Surveyor to argue the cost on your behalf.

I hope this assists. If so, I would be grateful if you could rate my answer.

Kind Regards

Al

Aston Lawyer and 4 other Law Specialists are ready to help you
Customer: replied 1 year ago.
Thank you that is what I expected.do I have to pay the legal fees 1st or after the lease has been extended.
Expert:  Aston Lawyer replied 1 year ago.

Hi, thanks for rating my answer. You will have to the Freeholders legal fees on completion of the Lease extension. Often, a Freeholders Surveyor will ask for a deposit or payment of their fees at the beginning. All the best Al