Lease extention on flat in E12 London. Present value 185,000 lease has 73 years left to run. Ground rent 100.00 pound a year - to extend lease to 99 years how much should this cost ?any rough ideas . Thanks
That's a difficult one as I think you need to estimate the value at the end of the existing lease and as you have so long still to run who the hell knows. I think it also depends on whether you have a fixed Ground Rent agreement or fixed review periods. You'll find calculators on the internet but you'll probably have to pay a fee for anything like an accurate figure.
I would guess that, if the value doubles over the next 73 years and you have a fixed ground rent agreement, it would be in the range of 15 000 - 20 000 but I really know so little about this subject that I could be miles out
I think at 76 years you can't raise a mortgage on it if less than 80 I might b wrong .Greatly devalues buying or selling value with all hassle involved.my aunt in that situation 10 k for new lease with low sevenths left on existing but around 20 years ago she could have become the landlord of all 4 flats for £1000 I told her to grab it and run alas she didn't and now regrets it .
I would post this on pistonheads lots of legal guys on their for advice worth becoming member for that advice alone and it's free!!
Pm me I can't stick it up on their if you can't !:tup:
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