Average price to renew a lease by 15years?

[crispycake]

Has anyone renewed their lease recently and how much did it cost?
We thought it would be around £15,000 to extend by 15 years or would you say it's more likely to be around £30,000?

why do tyou want 15 years? usually the extension is 99 years. how much is remaining on the lease and what is the property value? if under or over 82 years the price changes dramatically as if lease is under 82 years it is about marriage value ...

for 82+ lease to extend few years ago cost around 6,000. for a lease of 78 years to extend cost 22,000 as took into account marriage value but it would be more today as prices and values have gone up.

We are in the process of buying a flat with a 85 yr lease & as part of our offer they are extending the lease to 99 yrs which we got told by the agent would cost the sellers £15,000 but they seem to of been told will now cost much more.
Sorry I'm a FTB & this whole lease thing seems complicated

Hi Crispycake

It's much better to extend your lease before the marriage value threshold. If you waited until you own the property, you would have to own it for two years before you could apply under the formal system (unless your freeholder would negotiate privately).

The cost of the lease extension depends on ground rent to be paid over the term of the lease and value of the property (for marriage value anyway) and lease extensions typically extend to 125 years, not back to 99 (to the best of my knowledge) so this sounds like a strange arrangement and I would be cautious.

Ask your solicitor to review the current lease terms. Do also look at the lease advisory service website which has a lot of helpful information. There are also lease extension calculators online.

It could be that your seller is negotiating privately and freeholder is playing hardball. In which case you (or the seller) may be better advised to make a formal application to LVT using a surveyors opinion to judge the value. You could wait until you owned the property and do this in two years time.

I would definitely look at leasehold advisory service website initially, that will be your most useful resource but I hope this helps.

Also, this link may be helpful: www.leaseextension-uk.info/lease-extension-calculator.html

Thank you donkey. I'll check it out

definitely ask your solicitor to ask about adding 99 years to the 85 year lease - so long as your sellers apply/serve notice for this before they sell it's straightforward ie they serve notice and this goes with the property when sold so either you or they can compete the extension. you should definitely ask for 99 years on top of the 83 not just go to 125 or 99. .