Extending a Lease ?

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Extending a Lease ?

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AERO 16 Nov 15 4.08pm
A problem I have .My lease is getting low so I intend to extend it soon,but I also want to convert my one bed flat into a two bed .It's a purpose built one bed at present but i am going to contract the freeholder about my plans.The problem is do I convert First into a two bed then extend the lease ? Or get lease extended first then do the conversion ? Any sensible advice welcome.
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AERO

16 Nov 15 4.08pm

A problem I have .My lease is getting low so I intend to extend it soon,but I also want to convert my one bed flat into a two bed .It's a purpose built one bed at present but i am going to contract the freeholder about my plans.The problem is do I convert First into a two bed then extend the lease ? Or get lease extended first then do the conversion ? Any sensible advice welcome.

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jason7 croydon 16 Nov 15 4.12pm
Depends how long you have left on the lease,id keep quiet about what you want to do for now. I extended last year,when i had 72 years left,now have 169 year lease and peppercorn rent.Pricey but had to be done sooner rather than later. Where is the property?
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jason7

croydon 16 Nov 15 4.12pm

Depends how long you have left on the lease,id keep quiet about what you want to do for now.
I extended last year,when i had 72 years left,now have 169 year lease and peppercorn rent.Pricey but had to be done sooner rather than later.
Where is the property?

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jason7 croydon 16 Nov 15 4.14pm
Quote jason7 at 16 Nov 2015 4.12pm Depends how long you have left on the lease,id keep quiet about what you want to do with it for now. I extended last year,when i had 72 years left,now have 169 year lease and peppercorn rent.Pricey but had to be done sooner rather than later. Where is the property?
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jason7

croydon 16 Nov 15 4.14pm

Quote jason7 at 16 Nov 2015 4.12pm

Depends how long you have left on the lease,id keep quiet about what you want to do with it for now.
I extended last year,when i had 72 years left,now have 169 year lease and peppercorn rent.Pricey but had to be done sooner rather than later.
Where is the property?

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OldFella London 16 Nov 15 4.24pm
Quote jason7 at 16 Nov 2015 4.12pm Depends how long you have left on the lease,id keep quiet about what you want to do for now. I extended last year,when i had 72 years left,now have 169 year lease and peppercorn rent.Pricey but had to be done sooner rather than later. Where is the property? Good advice, i.m.o. Jackson.. Wan Bissaka.... Sansom.. Nicholas.. Cannon.. Guehi.... Zaha... Thomas.. Byrne... Holton.. Rogers.. that should do it..
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OldFella

London 16 Nov 15 4.24pm

Quote jason7 at 16 Nov 2015 4.12pm

Good advice, i.m.o.

Jackson.. Wan Bissaka.... Sansom.. Nicholas.. Cannon.. Guehi.... Zaha... Thomas.. Byrne... Holton.. Rogers.. that should do it..

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Stuk Top half 16 Nov 15 4.36pm
Get the lease done. It only increases in price the longer you leave it. Optimistic as ever
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Stuk

Top half 16 Nov 15 4.36pm

Get the lease done. It only increases in price the longer you leave it.

Optimistic as ever

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Perry Crystal Chelmsford 16 Nov 15 5.28pm
Don't normally post but spent almost two years and a lot more money than I needed to in sorting out the lease on my flat so thought I'd chip in. Price is largely based on time left on the lease, as has already been said, and value of the property. I would hold off doing any work that may increase its value for the time being as you may end up increasing the cost of the lease. Also, there are two routes you can go down. The informal route is cheaper and quicker and is up to you and the freeholder to agree terms between you. My freeholder initially only offered to extend the lease by about 30 years. I negotiated on this but he then wanted to increase the ground rent significantly once solicitors had been instructed so cost me a small fortune in legal fees when I refused to complete on that basis. I ended up going down the formal route in the end, which is more time consuming and costly but you will get 90 years added to your lease and no ground rent. Freeholder can't shaft you midway through the process either! Hope that helps.
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Perry Crystal

Chelmsford 16 Nov 15 5.28pm

Don't normally post but spent almost two years and a lot more money than I needed to in sorting out the lease on my flat so thought I'd chip in.

Price is largely based on time left on the lease, as has already been said, and value of the property. I would hold off doing any work that may increase its value for the time being as you may end up increasing the cost of the lease.

Also, there are two routes you can go down. The informal route is cheaper and quicker and is up to you and the freeholder to agree terms between you. My freeholder initially only offered to extend the lease by about 30 years. I negotiated on this but he then wanted to increase the ground rent significantly once solicitors had been instructed so cost me a small fortune in legal fees when I refused to complete on that basis.

I ended up going down the formal route in the end, which is more time consuming and costly but you will get 90 years added to your lease and no ground rent. Freeholder can't shaft you midway through the process either!

Hope that helps.

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AERO 16 Nov 15 9.36pm
Thanks for your replies. My lease has about 70years left and the flat is in East Croydon. My main concern was not regarding the lease which I will eventually get done but don't want to have to pay more if I change flat into a two bed .
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AERO

16 Nov 15 9.36pm

Thanks for your replies. My lease has about 70years left and the flat is in East Croydon. My main concern was not regarding the lease which I will eventually get done but don't want to have to pay more if I change flat into a two bed .

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Oliver Bodega Bay 16 Nov 15 10.04pm
2 factors on the cost of extending a lease are the length of time remaining and the value of the properly. Therefore extend as soon as possible and do nothing to increase the property's value I have prepared one of my own time capsules. I have placed some rather large samples of dynamite, gunpowder and nitroglycerin. My time capsule is set to go off in the year 3000. It will show them what we are really like.
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Oliver

Bodega Bay 16 Nov 15 10.04pm

2 factors on the cost of extending a lease are the length of time remaining and the value of the properly. Therefore extend as soon as possible and do nothing to increase the property's value

I have prepared one of my own time capsules. I have placed some rather large samples of dynamite, gunpowder and nitroglycerin. My time capsule is set to go off in the year 3000. It will show them what we are really like.

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AERO 16 Nov 15 10.40pm
Thanks again for your valuable comments.
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AERO

16 Nov 15 10.40pm

Thanks again for your valuable comments.

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Oliver Bodega Bay 17 Nov 15 6.01am
[Link] I have prepared one of my own time capsules. I have placed some rather large samples of dynamite, gunpowder and nitroglycerin. My time capsule is set to go off in the year 3000. It will show them what we are really like.
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Oliver

Bodega Bay 17 Nov 15 6.01am

[Link]

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