Extending a lease on a flat

[Theatre of Trees]

It didn't add value, it just stopped the value from plummeting. I let it run down to 65 years which was silly. It would have been impossible to sell.

Not impossible to sell, as one with just 10 years left on the lease in my block was recently sold with price being that minus the cost of renewing the lease.

 

[samtheseagull]

As others have posted, the sooner you get this done the better. The cost will increase each year.

Arrange for an independent valuation, and then provide this to the freeholder.

I have added a lot of value to my flat by basically re doing the lot, will that cost me then?

 

[mooey]

The landlord is in a win win situation i extened my lease and it cost me 7g plus fees he wanted 15 to begin with even though the surveyor said 5g and if you take them to tribunal it takes a good year and even than your not defo gonna get a fair price. If you do they ll put your maintence up and get it back that way.my landlord was a proper C**t.are you looking to sell

 

[mooey]

The landlord is in a win win situation i extened my lease and it cost me 7g plus fees he wanted 15 to begin with even though the surveyor said 5g and if you take them to tribunal it takes a good year and even than your not defo gonna get a fair price. If you do they ll put your maintence up and get it back that way.my landlord was a proper C**t.are you looking to sell

 

[DJ NOBO]

Sam - look on it anyway you like, but crucially, and from one albion fan to another, don't delay. Get on with it, get it off your mind. I didn't, and as you can probably tell, it still irks me because it is a total rip off.

 

[samtheseagull]

Sam - look on it anyway you like, but crucially, and from one albion fan to another, don't delay. Get on with it, get it off your mind. I didn't, and as you can probably tell, it still irks me because it is a total rip off.

Yer I have started to get the ball rolling, I should get most of the money back when I sell

 

[Westdene Seagull]

Not impossible to sell, as one with just 10 years left on the lease in my block was recently sold with price being that minus the cost of renewing the lease.

Agreed it's not impossible to sell but the buyer will find it hard, or more costly, to get a mortgage on a flat that has less than 70 years left.

 

[Westdene Seagull]

Yer I have started to get the ball rolling, I should get most of the money back when I sell

That depends on how much your flat is worth and how much the extension costs. Say your flat is currently worth £150k and the extension costs you £15k+costs, it is very unlikely to add 10%+ to the value.

 

[Lincoln Imp]

That depends on how much your flat is worth and how much the extension costs. Say your flat is currently worth £150k and the extension costs you £15k+costs, it is very unlikely to add 10%+ to the value.

I'd be very surprised if doubling the length of the OP's existing 65 year lease didn't add £15k to the property's value.

 

[Uncle Spielberg]

It didn't add value, it just stopped the value from plummeting. I let it run down to 65 years which was silly. It would have been impossible to sell.

I could get a mortgage with this lease with over 50 lenders, many will do a lease with only 50 years left

 

[Uncle Spielberg]

Agreed it's not impossible to sell but the buyer will find it hard, or more costly, to get a mortgage on a flat that has less than 70 years left.

No, the length of the lease will not have an impact on the rate with a lender who will do it, the loan to value will

 

[samtheseagull]

I'd be very surprised if doubling the length of the OP's existing 65 year lease didn't add £15k to the property's value.

My flats worth about 135k as it stands, with a lease extension a few estate agents I've spoken to reckon I could get 150k+ for it. Would be happy to break even.

 

[DJ NOBO]

One ray of sunshine that if you are letting your place out when you sell, you can knock the lease extension fee off any capital gains bill