I've just received a quote to extend my lease.
The property is 2 bedroom maisonette with just under 66 years remaining. Current ground rent is £60 per year. The original lease states £30 for 33 years, then £60 for 33 years and finally £90 for the last 33 years. The property value I can only estimate at £130k as is, or £150k with a new lease.
The premium I am being quoted from the freeholders management agents is £15,600 with an admin fee of £950. This is a new lease of 99 years from now (obviously not as good as adding 90 years to the current term). In addition they want increased ground rent of £250 doubling every 20 years. They warn me the fees will be £2000+ if I serve statutory notice.
Using the lease-extension calculator it estimates a price of £11-12000. So the price appears rather high to me.
I am just looking for advice on how to proceed. Whether to negotiate further with the freeholders (if so, how best to do this) or whether to take statutory notice.
I will probably sell the flat in the next couple of years so that might be a factor in how to proceed, but I know I should probably get the lease extended to widen the market of buyers. Any advice much appreciated.
The property is 2 bedroom maisonette with just under 66 years remaining. Current ground rent is £60 per year. The original lease states £30 for 33 years, then £60 for 33 years and finally £90 for the last 33 years. The property value I can only estimate at £130k as is, or £150k with a new lease.
The premium I am being quoted from the freeholders management agents is £15,600 with an admin fee of £950. This is a new lease of 99 years from now (obviously not as good as adding 90 years to the current term). In addition they want increased ground rent of £250 doubling every 20 years. They warn me the fees will be £2000+ if I serve statutory notice.
Using the lease-extension calculator it estimates a price of £11-12000. So the price appears rather high to me.
I am just looking for advice on how to proceed. Whether to negotiate further with the freeholders (if so, how best to do this) or whether to take statutory notice.
I will probably sell the flat in the next couple of years so that might be a factor in how to proceed, but I know I should probably get the lease extended to widen the market of buyers. Any advice much appreciated.