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Thread: Lease extension

  1. #1

    Default Lease extension

    Hi

    I've just paid £300 to my freeholder to do a lease extension valuation.

    The figure they have come back with is £10,275 plus costs of £750 plus VAT. This is at least £1275 more than what the lease advice website says.

    We have it on the market for £140,000, lease start date 25/03/1984 with 99 from that date. Ground rent is currently £25, rising to £50 2017 and then £75 in 2050.

    They have done the figures with the current value at £135k but with the lease, £150k (very unlikely figure in this market).

    Do you they are ripping us off? What's the process from here if we have to go to a tribunal?

    Thanks

  2. #2
    Join Date
    Oct 2009
    Posts
    5,296

    Default

    I don't think it's worth going to a tribunal to argue over £1275. If the ground rent is unchanged, I would consider taking the offer.

  3. #3
    Join Date
    Dec 2006
    Posts
    1,118

    Default

    Quote Originally Posted by JK0 View Post
    I don't think it's worth going to a tribunal to argue over £1275. If the ground rent is unchanged, I would consider taking the offer.
    If it is for a statutory lease extension it is there or thereabouts. The cost of challenging the figure would be disproportionate to what you might save.

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