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Property/DIY

Extending a lease? Where to start?

6 replies

albertababy · 30/03/2010 18:32

Can anyone help ..

There are about 78 years left on our lesee's lease.

They've lived there for 2 plus years.

Do I need a solicitor? How do ivalue the extension?

Have no clue what to do nextand don't want to get shafted by the other party, who is some sort of barrister and is pretty tightfisted when it comes to essential repairs etc.

Does anyone have any experience ?

OP posts:
cfc · 30/03/2010 19:31

I am guessing you are the freeholder of a house split into flats, or something like that.

You do need a solicitor and a chartered surveyor, but the sol will explain that to you.

Good luck! It's a pretty simple process and any good property sol will be able to manage a lease extension for you and will more than likely recommend a chartered surveyor to do the val for you.

treacletart · 30/03/2010 22:17

Check out the Leasehold Advisory Service website - they're really useful - I've had invaluable advice over the phone from their solicitors and their free.

albertababy · 30/03/2010 23:06

Thanks- any ideas how much it should cost in fees treacle? (loving tge name by the way)!

OP posts:
treacletart · 30/03/2010 23:27

Don't know for sure, (Lease will of course) but I seem to remember if the Leasee wants an extension its up to them to pay all the fees. Seriously give Lease a call tomorrow they're really helpful. By the way If you can't agree a price with your leasee privately, it will be up to a Leasehold Valuation Tribunal to set a price. There's various online calculators around that'll give you some idea but the price really starts to go up once there's less than 80 years left to run on the lease. Haven't been through the process yet myself but I've armed myself with a bit of knowledge in readiness for our leasee asking for an extension. Good luck.

albertababy · 31/03/2010 07:48

That's great thanks treacle,I'll call them this morning.

OP posts:
treacletart · 01/04/2010 19:14

How did you get on Albert?

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