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Aston Lawyer
Aston Lawyer, Solicitor
Category: Property Law
Satisfied Customers: 10585
Experience:  LLB(HONS) 23 years of experience in dealing with Conveyancing and Property Law
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Hi Just very, very roughly I need to know a figure of how

Resolved Question:

Hi
Just very, very roughly I need to know a figure of how much it would cost to extend my lease to 99 years from 73 years.
ground rent is 100
the property is in surrey and worth on open market 180,000 with a 99 year lease
thank you
Submitted: 3 years ago.
Category: Property Law
Expert:  Remus2004 replied 3 years ago.
Thank you for your question. My name is ***** ***** I will try to help with this.
-Could you explain your situation a little more?
Customer: replied 3 years ago.

I am trying to buy the beneficial interest from my trustees and they had the property valued at 180,000 without the knowledge of the lease only being 73 years and therefore I am trying to reduce the value as the property as the lease would need to extended for a buyer to get a mortgage. I've been told about 10%?

Expert:  Aston Lawyer replied 3 years ago.
Hello and thanks for using Just Answer.
I am Al and am happy to assist you with your enquiry.
Legally, you are entitled to a Lease extension of a further 90 years at a peppercorn rent (5 pence per year) provided you have owned the property for 2 years.
It is the job of a specialist Surveyor, but approximately, the cost would be between £8,000-£10,000.
I hope this assists you.
Kind Regards
AL
Aston Lawyer, Solicitor
Category: Property Law
Satisfied Customers: 10585
Experience: LLB(HONS) 23 years of experience in dealing with Conveyancing and Property Law
Aston Lawyer and 2 other Property Law Specialists are ready to help you