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Aston Lawyer
Aston Lawyer, Solicitor
Category: Property Law
Satisfied Customers: 10227
Experience:  LLB(HONS) 20 years of experience in dealing with Conveyancing and Property Law
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I wanted to ask; There are two owners of the freehold

Resolved Question:

Hello, I wanted to ask; There are two owners of the freehold in a block of four flats. The lease has only 61yrs to go. Do we as the owners have to renew the lease and what happens if we don't. Also how much is it likely to cost. Kind regards
Submitted: 10 months ago.
Category: Property Law
Customer: replied 10 months ago.
Your answer hasn't come as yet, either to my inbox or junk mail box. Have you answered this question for me or is it still ongoing as it has been 20mins,. Thank you
Expert:  Aston Lawyer replied 10 months ago.
Hi,Could you please confirm the approximate value of the Flat and how much ground rent you pay?I look forward to hearing form you.Al
Customer: replied 10 months ago.
Hello, thank you for your reply; the answer to your questions are
1. The value of the flat is approximately £215.000.
2. The ground rent is £ 50.00 per yearThank you and I look forward to hearing from you in due course. Mrs McKinnon
Customer: replied 10 months ago.
Good morning, I have two questions in relation to the above. I have given you the valuation of our flat and the ground rent
With those given can I expect;
1.An answer today to my original question?
2. I do not want to take out a membership as I am an OAP and can ill afford to pay any amount to any company per month. So please could you cancel any type of membership you have set up for me as I have not given authorisation to this effect. All I wanted was an answer to my original question and was happy to pay £26 for this information. I may not have understood the wording but do not want a membership of any sort to any company at my age. Many thanks, ***** ***** look forward to an answer to my original question. Regards ***** *****
Expert:  Aston Lawyer replied 10 months ago.
Dear Mrs McKinnon, Many thanks for your reply and apologies for the delay (I have been stuck in bed with man flu!)Provided you have owned the Flat for 2 years, you are legally entitled to a Lease extension of an additional 90 years to the existing term (ie giving you a Lease of 151 years). Although it is the job of a specialist Surveyor, on the figures you have provided, a Lease extension would cost you approximately £20,000 plus the Freeholders reasonable legal costs which are likely to be around £650 plus VAT.If the Freeholder quotes you any more than this figure, I always recommend that clients speak to their own Surveyor who can negotiate a reduction in the Price with the Freeholder.I hope this assists you and sets out the legal position.Apologies again for the delay.If you are happy with my answer, I would be grateful if you could rate my answer.I will then let customer services know that you do not wish to apply for a subscription, and you will only be charged for this question. Kind RegardsAl
Customer: replied 10 months ago.
Thank you for your answer Aston and I am pleased that you are better. I did also ask you about the cancellation of membership to your company as I have very limited funds being an OAP. As I said I am happy to pay the £26 for answers this time and will rate you once I have had all the answers to my questions. I am worried that the amount you quote is so high for a lease extension and wonder if there is any other way forward, perhaps you can tell me. I look forward to hearing from you and thank you.
Expert:  Aston Lawyer replied 10 months ago.
Hi Mrs McKinnon,Thanks for your kind reply- I am mush better, thank you.Legally, I am afraid the Freeholder only has to offer you the before mentioned Lease extension of an additional 90 years, the approximate cost of which I have let you know.However, there is no harm in you trying to negotiate a different term of Lease extension with the Freeholder- if you couldn't afford £20,000, you could see if the Freeholder would be happy to say grant you a Lease extension for an additional 45 years, which would more or less halve the cost.If you were to do nothing and the Lease then ran its original course, the Freeholder is entitled to take up possession of the Flat in 61 years time when the Lease expires.If clients can not afford to pay for a Lease extension, what normally happens is that as and when you decide to sell the Flat,(and the Buyer is not happy with how few years are left on the Lease) you can at that stage agree a Lease extension and which would be completed on the same day as you complete your Sale, meaning that your Solicitor can use the Sale monies to pay for the Lease extension.Does this assist?Kind RegardsAl
Aston Lawyer, Solicitor
Category: Property Law
Satisfied Customers: 10227
Experience: LLB(HONS) 20 years of experience in dealing with Conveyancing and Property Law
Aston Lawyer and other Property Law Specialists are ready to help you
Customer: replied 10 months ago.
Thank you for your reply Aston it is most appreciated. I think this helps us in all sorts of ways and we will be able to proceed to a conclusion. Kind regards ***** *****

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