[Help] NSC advice needed - extending a lease

[kevo]

Anyone done this recently? I have 83 years left on my lease, so it's time to renew. I assumed this would be a fairly straightfoward process but it is, of course, hideously complicated. Seeing as it will cost me in the region of £10k, I want to get it right. Thinking of going down the 'informal' route of negotiating directly with the freeholder, but not sure of the pitfalls. Any advice gratefully received!

 

[Goldstone1976]

Anyone done this recently? Any advice gratefully received!

Yes - done it several times.

Sure - get a lawyer to do it; because it can be ‘hideously complicated’, and the consequences of getting it wrong may make any future sale of the property very difficult, costly and time-consuming, worst case impossible.

 

[Perfidious Albion]

I’d agree with the above. Don’t put it off too long. I know someone who’s lease ran down to around 60 years and he had to take £25k out of his equity so as to extend it and sell his flat.

 

[Machiavelli]

I did it recently, and it was easy with a solicitor but, then again, I had joint share of the freehold. If you don't (part-)own the freehold, then you'll be best advised to do this sooner rather than later, as they'll bump up the price if it runs down.

 

[neilbard]

Yes - done it several times.

Sure - get a lawyer to do it; because it can be ‘hideously complicated’, and the consequences of getting it wrong may make any future sale of the property very difficult, costly and time-consuming, worst case impossible.

This..

 

[Horton's halftime iceberg]

I do not know your situation we have the council as our leaseholder and Austin Gray have negotiated set fees, esp as all in our block of 4 need to extend them.

https://www.austingray.co.uk/lease-extensions-council-property

 

[dejavuatbtn]

There is a complicated formula for working out just how much the extension in lease costs and this will depend on its length, the value of the property and the length of it to run (once the 80 years comes up it gets more expensive). Usually the freeholder would get the valuation done, and probably add the cost of this to their other costs, and charge you for the whole lot.
I have been going through this horrendous exercise for a relation who is part freeholder with one other, but having a number of flat within the block requiring lease extensionS.

 

[pearl]

I do not know your situation we have the council as our leaseholder and Austin Gray have negotiated set fees, esp as all in our block of 4 need to extend them.

https://www.austingray.co.uk/lease-extensions-council-property

don't you mean the council has the freehold (owns the building) and the residents are the leaseholders?

 

[Horton's halftime iceberg]

don't you mean the council has the freehold (owns the building) and the residents are the leaseholders?

yes