Hi there, Hoping someone can help, someone on MN always has good ideas.
We own the freehold of a converted terraced house just on outskirts of London. We bought the freehold (of the two flats) to the property when we owned one of the two flats back in the house in 2001-2008 and just kept it on when we sold the flat in 2009. When we sold the flat we arranged for a lease extension back up to 99 years to make the property attractive to buyers.
The leaseholder of the said flat has now contacted us to ask for a lease extension from the current 88 years and asking how much it will cost them. To be honest I have no idea?? I've looked on the calculators available and they don't really take into effect that the Lease was written for 33 years at 200 pound ground rent per annum, 33 at 400 and final 33 years at 800.
Does anyone know of a website that will give me an indication of possible cost? All the sites seem to go on the assumption of same Ground rent each year though the life of the lease.
I've advised the leaseholder to contact a lease valuer and get a figure, then come to me with this figure, this seems the fairest way for both Parties. If we feel that valuation fair, then we can go ahead and gets paperwork arranged, if we feel its too low we could get a valuation ourselves from another co to check. But ideally Id like to understand approx value.
Any ideas?