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