Quizzes & Puzzles20 mins ago
Lease Extension On A Leasehold Flat
9 Answers
I have 61 years left on my flat lease, and wish to extend the lease for another period of 99 or 100 years. My question is this-(apart from the option of paying the marriage value premium to the freeholder now)- is there a legal mechanism whereby I could sell the property and pay the marriage value to the freeholder at the point of sale/exchange from funds raised by the sale of the property- therefore extending the lease to the required period for the party who would buy the flat?
Advice welcome, thanks in advance
Advice welcome, thanks in advance
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For more on marking an answer as the "Best Answer", please visit our FAQ.Hammer it was many years ago now and I didn't have much to do with it and let my solicitor handle it. As there were only three flats in a detached house and the freeholder lived in one of them I negotiated with him myself and got a fair price that we were both happy with. If you're in a big block it's not quite so easy. There were no problems with mine at all but I don't expect all are so easy, especially if you have an awkward freeholder.
Have a look on this site, lots of help there.
http:// www.lea se-advi ce.org
Have a look on this site, lots of help there.
http://
I'm in a block of 25 flats and some shops, so I guess it may be a bit more complicated;- as you say,- and the freeholder of my block has a reputation for being 'difficult'...in more ways than one! So it looks like its all down to some hard negotiation with him I suppose. But anyway, thanks for the link and thanks very much for your help, its really appreciated. Cheers
Serve a Section 42 notice on the freeholder quoting a price that your surveyor recommends (get a surveyor involved - they will advise you best case, worst case and reasonable level of premium) then sell the flat with the benefit of the notice of claim - the buyer can also see what levels the surveyor has suggested. Make sure you choose a reputable surveyor and solicitor as if it is served incorrectly (and deemed invalid) the purchaser has to wait two years before they qualify for a lease extension.