50 years left - cost of extension ?

[marshy36]

I have a leasehold flat worth about 140k with 50 years left on lease and paying £6 a year rent - anyone any idea of costs of extension ?

Thanks

[WakeyWakey]

Using your data it might costs £20k to £30k, depending on the relativity evidence that your surveyor can provide. This is how much less your lease is worth with 50 years unexpired compared to a full lease and, according to Beckett & Kay's Graph of Graphs, this could be between 66% and 80%. Valuing property at the moment is difficult and your £140k property could easily be worth £120k or £160k, which might vary the £30k premium between £25k and £33k. All + landlord's valuation and legal costs + your own.

[kikuyu]

I have a leasehold flat worth about 140k with 50 years left on lease and paying £6 a year rent - anyone any idea of costs of extension ?

Thanks

1.Is the £140K with the benefit of the existing lease?

2. What are your or your predecessor's improvements worth? i.e. have they added value to your property?

3. Where is your flat located?

4. How much are similar properties, with longer leases, fetching in the area?

All this information is relevant in order to guesstimate the premium to be paid for extending the lease under the 1993 Act.

[jeffrey]

I have a leasehold flat worth about 140k with 50 years left on lease and paying £6 a year rent - anyone any idea of costs of extension?
Are all the flats in your block held on the same basis? It might be better for the lessees:
a. collectively to buy the whole f/r; then
b. individually to acquire lease extensions.

Advantages:
A. Lessees only pay f/r's fees once, not on each transaction.
B. They can all use the same solicitor- not only for f/r purchase but also for lease extensions.
C. The lease extensions can leave each lessee with 999yr. term, not just adding the [statutory] 90yrs. to existing leases.

[Brighton]

I found a useful calcualtor on the Leasehold Advisory Service website.

[WakeyWakey]

I found a useful calcualtor on the Leasehold Advisory Service website.

OP said "I have a leasehold flat worth about 140k with 50 years left on lease..."

LEASE say "This calculator cannot provide estimates where there are less than 60 years remaining on the lease. "