Lease extension- 62yrs. unexpired, £20 ground rent

[steve-morris]

I am in the process of buying a 1st floor maisonette but am very wary of the relatively short lease. I have found on the web that I can ask the current owners to request a lease extension on my behalf so I do not have to wait for the 2 years qualifying period, this is the route I will probably go down.

The asking price is £145,000 the lease has 62 years to run – the ground rent is £20 per year.

There is a ground floor maisonette in the same road up for £180,000 – the lease has 152 years to run – the ground rent is £250

Based on the above information is there anyway I can gage how much a 90 year lease extension is likely to before I commit financially?

Any thoughts would be greatly appreciated.

[Poppy]

To gauge the likely cost of this lease extension you (or your solicitor) should ask the freeholder. I hope you're going to ask the freeholder several questions in the process of buying, such as:

- is the current lessee's service charge paid up to date and in full?
- are they planning any major work in the next two years?
- is the freeholder in dispute with any other lessees?
- is the current lessee in dispute with any other lessees?

[SteveP]

See this thread
http://www.landlordzone.co.uk/forums/showthread.php?t=2366

[steve-morris]

Many thanks for your advice. I think I may of jumped ahead of myself & assumed that I would need to get the lease valued & then get initial notice sent to the landlord ( this costs about £1000 i believe). I will speak to the solicitor before I take any further action as this may be an unnecessary expense.

Thanks again.