04-09-2014, 07:39 PM
21
Re: Lease extension on flats
Spoke to our Lease Specialist today, and passed on the information to one neighbour.Nobody in my block of 18 flats has extended their lease so we have no idea of premium cost. Cranberry, do you have any idea of your daughter's own leal fees?
Neighbour and I are of the mind to go ahead with it. I will try and find the valuation cost and also ask the HA to get an Open Market Valuation as well, because I asked if the Lease Extension Valuation (LEV) would go towards possibly selling the property, but she said no.
04-09-2014, 08:30 PM
22
Re: Lease extension on flats
Hi Jazzi, been over to see her today her costs were around £500 I think she also said her ground rent, which was £25 per annum is now £200, she is still smarting about that!!Her neighbour in the flat above has also extended recently and now has her flat up for sale. Can't understand you being told the extension wouldn't affect things that much.
But you have more 'life' left in yours maybe that's why.
05-09-2014, 08:58 AM
23
Re: Lease extension on flats
Originally Posted by cranberry
->
Hi Jazzi, been over to see her today her costs were around £500 I think she also said her ground rent, which was £25 per annum is now £200, she is still smarting about that!!Her neighbour in the flat above has also extended recently and now has her flat up for sale. Can't understand you being told the extension wouldn't affect things that much.
But you have more 'life' left in yours maybe that's why.
I would need to get an Open Market Valuation, as well as a Lease Extension valuation. Might have to pay more, not sure. The costs are widely different, for each one...£125 + VAT for the former, £425 + VaT latter. (Prices going by memory.)
I can't remember what I put about 'wouldn't affect things that much'. Did I post elsewhere and not make it clear?
I asked what if I didn't extend, and later died, what would happen to the flat. Her reply to that was 'it wouldn't matter a jot, the executors or the estate could either extend the lease to sell, or sell at a loss.'Could that have been what you meant?
Thanks for giving me an idea of your daughter's legal fees: that's not as horrific as I thought, but I WILL find a solicitor and ask.
05-09-2014, 02:12 PM
24
Re: Lease extension on flats
Yes, Jazzi I was referring to the last paragraph in your post 21, think I misinterpreted it. I read it as though whether it was extended or not wouldn't matter when selling. Obviously better to sell with the extension as mortgage applications may be turned down for a property with a short lease but if selling without the extension cash buyers may not be too bothered especially if they're passing it on on death, up to the executors then I suppose.Sorry to waffle a bit - glad about the ground rent Jazzi, it's just another rip off! The costs aren't too bad really, all things considered.
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