hein25 Posted September 2, 2007 Report Share Posted September 2, 2007 Hi ,could someone advise me on lease extension please. My flat lease has now 80 years left and I want to extend it ,what do I do ? Does the flat become less valuable and more difficult to sell in the future if the lease drops below 80 years? Who does the valuation and what will this cost? And the legal fee's? Is it best extended now rather than wait till lease is shorter? Can anyone point me to a good professional in BH area? Many thanks.hein25. Link to comment Share on other sites More sharing options...
Simon Dewsberry Posted September 3, 2007 Report Share Posted September 3, 2007 My flat lease has now 80 years left and I want to extend it ,what do I do ? you will need to speak to your "LL" to see if he is willing to extend first.. Does the flat become less valuable and more difficult to sell in the future if the lease drops below 80 years? No ....BUT you dont "own" the "flat" you only have a lease to sell ...and the "worth" of this will certainly decrease as it it gets shorter per se ...but overall prices clearly subject to market conditions .... Who does the valuation and what will this cost? And the legal fee's? Valuation done by surveyor ..Legal fees - get some quotes from solicitors...but no more than a few hundred pounds ..? Is it best extended now rather than wait till lease is shorter? Depends on long termview by both you and LL ...also plans for immediate locality...each case will stand on its own merits! Can anyone point me to a good professional in BH area? cant help here ! Link to comment Share on other sites More sharing options...
hein25 Posted September 4, 2007 Author Report Share Posted September 4, 2007 My flat lease has now 80 years left and I want to extend it ,what do I do ? you will need to speak to your "LL" to see if he is willing to extend first.. Does the flat become less valuable and more difficult to sell in the future if the lease drops below 80 years? No ....BUT you dont "own" the "flat" you only have a lease to sell ...and the "worth" of this will certainly decrease as it it gets shorter per se ...but overall prices clearly subject to market conditions .... Who does the valuation and what will this cost? And the legal fee's? Valuation done by surveyor ..Legal fees - get some quotes from solicitors...but no more than a few hundred pounds ..? Is it best extended now rather than wait till lease is shorter? Depends on long termview by both you and LL ...also plans for immediate locality...each case will stand on its own merits! Can anyone point me to a good professional in BH area? cant help here ! Thanks for your advise I appreciate it,hein25 Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.