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Nicola-mod
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Category: Property Law
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Our ground floor flat is leasehold with 77 years remaining.

Customer Question

Our ground floor flat is leasehold with 77 years remaining. Flat upstairs is also leasehold but with 62 years remaining on lease. We and flat upstairs own 50:50 the Freehold of the whole house. Question is when we decide to extend our leases to 999 years, will the difference in term of lease matter.
Submitted: 1 year ago.
Category: Property Law
Expert:  Aston Lawyer replied 1 year ago.

Hello and thanks for using Just Answer.

I am Al and am happy to assist you with your enquiry.

It won't make any difference at all- I am guessing that you and your neighbour are prepared to grant each other a Lease extension, free of charge, as and when the time comes. Therefore you can both decide to change the term of the existing Leases so both will have 999 years or the Deed can grant each property an additional 999 years to the existing Lease. Either way, it won't cause any issue to you or as and when you come to sell your property.

I hope this assists and sets out the legal position.

Please let me know if you require any further clarification.

Kind Regards

Al

Customer: replied 1 year ago.

Hi Al,

Thank you for this. What I am querying is why we have to do it for free of charge. The first floor flat has lower number of years on the lease, hence their charge to extend the lease will be higher than ours. Now, mathematically this means, we would be better off. Lets say they pay 10,000 to extend and we pay 8,000 ( this is purely for the example as I do not know how to price the lease extension). Now if we own 50:50 freehold, we receive 5000+4000 in income back. Now we are 1000 better off as we paid 8000 to extend the lease at the start.

The question I have how much 15 years difference will make on charge to extend the lease. What I also picked up is that after 80 years marriage value rule kicks in, which substantially can increase the charge to extend the lease, hence our difference can be potentially higher. Is there any free on line calculator I can use to find out how much will the lease extension be for each of us based on number of years left on the lease.

Kind regards,

Irene

Expert:  Nicola-mod replied 1 year ago.
Hello,
It seems the professional has left this conversation. This happens occasionally, and it's usually because the professional thinks that someone else might be a better match for your question. I've been working hard to find a new professional to assist you with your question, but sometimes finding the right professional can take a little longer than expected.
I wonder whether you're OK with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.
Thank you!
Nicola
Customer: replied 1 year ago.

Hi Nicola,

The question has not been answered to the standard and I want you to cancel the request and also hope that I would not be charged for the service.

Kind regards,

Irene

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