Harringay, Haringey - So Good they Spelt it Twice!
Ladder flat lease extension
Has anyone had any recent experience of extending a lease on a ladder flat (2 beds w/ garden)? I understand that the cost is very much dependent on lease remaining and on property value - but if anyone can give me some personal experience with the process, how long the process took and what it's ended up costing them It would be very useful. The flat in question has less than 70 years on the lease...
Many thanks
JCM
Replies to This Discussion
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Permalink Reply by John D on
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I did it a few years ago. The freeholder asked 5% of the market value as estimated by 3 quotes from estate agents. You really have to get a solicitor to act for you as the new lease has to be registered at the Land Registry. The whole thing took about 6 months as the solicitor I chose was a bit crap at the procedure.
Total cost on 150 k flat was about £8k to extend from 70 years to 150 years.
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Permalink Reply by pamish on
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Not local info but these people are there to help: http://www.lease-advice.org/
They were great when I bought my flat with v complicated short-term lease.
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Permalink Reply by Emma on
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Its also very dependent on the leaseholder who you are buying from. If you have a decent one you can prob strike a deal with not much hassle however, if like me its through an agency that is run by wide boys who just pluck numbers out of the air then you are better off paying £100 to get a surveyor to do a lease extension quote- (Colin Rickman very good). It can take ages to do but once you have the process in action there is not much to worry about. Go for a 199 year lease where possible. Saying all this, when I rang up Colin Rickman to get him to come round to value my property he told me it was only worth extending if I was thinking of selling.....so there you go!! also when I was inquiring my quote for a property worth £185k on a 67 year lease was 15k. The lease advice service are good but they will just tell you what I have told you!! good luck!
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On selling -
somewhere down the line you or your family will probably want to sell. This will be difficult if you have less than 70 years left on the lease as the incoming buyer's mortgage company will be reluctant to grant a mortgage on less than 70 years. That's why I extended.
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Permalink Reply by Rob B on
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Hi,
I'm a lawyer who specialises in this area. I'd be happy to have a no obligation chat on the phone with you and answer all your questions.
Rob Boucher
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Permalink Reply by Sonya on
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Hi
My mum just bought flat on the ladder and is in process of extending, we envisage this will cost about 40K . It is 2 bed garden flat. The lease is 66 years. The flat on the top floor was a very small 1 bedroom in very bad condition and he has just extended from under 60 to 130 years for 31K.
Can be slow and costly paying for own surveyor and freeholders legal and surveying costs. Very expensive if below 70 years.
Hope that helps.
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80 years is the magic number that you shouldn't let your lease get below before extending - as you have to pay what is called "marriage value" as well, and so you should assume the cost will almost double as it ticks under the 80 year mark
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Permalink Reply by illyriafilms on
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It's something your solicitors should have pointed out at the time of purchase. If they didn't that was negligent of them.
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I've been through a lease extension fairly recently - not on the Harringay Ladder but nearby in Stroud Green. It took 2 years and cost £22k. Critical was having a solicitor and surveyor (you need both) who specialise in lease extensions. In my case, they needed to handle a very difficult and uncooperative freeholder (you may be luckier). I recommend John Bailey of Streathers in N8, who is an expert in this area and will find and work with the surveyor as part of the package.
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Another possibility could be Extend Now, who helped me on a slightly different property matter -www.extendnow.co.uk They're the specialist bit of a firm of surveyors (not local but know this area) and can organise a survey, the freeholder negotiations and access to solicitors. Useful information on their website even if you decide not to go with them.
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