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Thomas
Thomas, Solicitor
Category: Property Law
Satisfied Customers: 7473
Experience:  UK solicitor holding an England and Wales practising Certificate.
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Hi, Im looking in to buying a 2 bed flat which is on the

Customer Question

Hi,
I'm looking in to buying a 2 bed flat which is on the market for £175,000 (this amount is every so slightly under the market value for this property), it's leasehold (ground rent is £80 per annum) however it's transpired that there is only 71 years left on the lease and therefore before I put in an offer I was hoping for some advice in respect of the following:
1) Roughly how much will it cost to extend the lease, and how difficult is it?
2) Who can actually apply to have the lease extended? The vendor has said they are not prepared to do anything about it but my understanding is that you must own the property for 2 years before you can have the lease extended therefore it seems to me, that regardless of who pays for the work to be done, it'll need to be the vendor who instructs solicitors to do so. Please confirm.
Many thanks,
Carrie
Submitted: 2 years ago.
Category: Property Law
Expert:  Thomas replied 2 years ago.
Hi Carrie,
Thank you for your question and patience, I’m Tom and I’ll try to help you.

Extending a lease depends on the value of the property, the length that you wish to extend it to and the location of the property.

A very good way of finding out how much it should cost is by using the leasehold valuation service’s calculator :-
http://www.lease-advice.org/calc/

I would use this a guide and base your negotiations on this. However, the vendor will be able to find out the costs of extending from contacting their freeholder/lessor and before you offer any money you should ask them how much they are seeking to charge.

You are absolutely correct in that you must have owned the property for two years before extending. So, the vendor would have to extend it as part of the pre-contract process via solicitors if you wish to have it extended or if your mortgage lender (if any) insists on it.

So, you should:-
1 - Get the vendor to confirm their freeholder's fee to extend the lease to either 99, 125 or 999 years (you decide which)
2 - Make your offer conditional on that extension
3 - Instruct solicitors if accepted and proceed with the pre-contract process.


My goal is to provide you with a good service. If you feel you have received anything less, please reply back as I am happy to address follow-up issues specifically relating to your question.


Kind regards,


Tom
Expert:  Thomas replied 2 years ago.

Hi

Is there any further information you require?

I just want to ensure that you are satisfied, so please let me know if you have any further queries on the information I have provided.


Kind regards,


Tom

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