Sorry, I meant 4th April 2015. Does that sound right?
I did a leasehold extension calculation on the LEASE website which came up wiht a figure of £5-7k for the property my son is buying. I have tried to find the Landlordzone leasehold extension calculator that I read about in another thread which is more accurate apparently, but have had no luck so far. Can someone tell me how to navigate to it, please? Thought I would see what that came up with. Thanks.
In post No. 2 , our expert sgclacy has already given you his estimated cost at 20 x GR + 2% of Market value. If you want another calculation method see his earlier post in LZforum thread No. 11080.
If you download the free publications on statutory lease extension from LEASE website , you can see the calculation method. It also mentions that notice for statutory lease extension can be served by the vendor after exchange and before completion to avoid the 2 years waiting.
Thank you for that. I had a look at the 2nd post - I hadn't realised exactly what that was to be honest. Using those figures the calculation comes out to £5900 and of course all the fees on top. Thanks to everyone for your responses.
In light of sgclacy's quote above could I clarify the following points:
1) about the date of the lease:
The land registry official copy says: Date: 4 April 1996
Term: 99 years from 4 April 1996
The lease also gives 4 April 1996 as the date.
Does that mean that the lease is definitely starting on 4/4/1996 and there is no other possible date that it could be starting.
2) When the purchase is completed will my son have the Title Absolute from the day of completion or will it be a later date ie when it is registered wherever?
I ask because looking at the land registry 'B: Proprietership register' the date in brackets is February 2007 even though the present owner paid for the flat in November 2006.
A delay in getting registered could be very costly in view the 2 years needed before my son could serve notice for the lease extension.
I hope I have made clear what I am asking.
Sorry to be so dumb, but this is very important and I want to make sure I have got this right.
Based on the information posted, I offer my thoughts.Any action you then take is your liability. While commending individual effort, there is no substitute for a thorough review of documents and facts by paid for professional advisers.
Take the guessing and stress out of it and follow the advice given: pay for the vendor and his solicitor to do it now and assign it to your son. Applications take time and the freeholder will have 2 months to respond to your request. You will end up negotiating and this may put you under 80 years.
The advantage of serving the legal notice now is the "sale price" may be applied as the market value for calculating the cost of lease extension. Whereas in 2 years time, the freeholder's surveyer will decide the market value and your son as leaseholder will pay his bill.