Lease extention advice

[Cloud 9]

Hi,

I own a flat which I rent out and have been approached by a property consultant representing the company I pay ground rent to , offering to extend the current lease of 75 years to 199 with no further ground rent payments (£100 pa) for £5,500 plus professional fees of £300 , having no experience in property is this worth doing as I will be selling the property sometime in the future.



Thanks for any help

JB

[andye30m3]

I'm not sure if it will help but there's a far bit of info on this site http://www.lease-advice.org/

[Cloud 9]

Thanks Andy

[anonymous-user]

Have they offered you a price to extend it whilst still paying a ground rent?

If the option to carry on paying a ground rent is much cheaper I would go for that, because as you say you may be selling soon.

[B16JUS]

also a lot of mortgage companies will not give a mortgage on a property if under a certain amount of years left

[Engineer1]

That sounds fair our lease extension initially started at £15K on a flat worth 80ishK, its now looking more like circa £6K, it may be worth getting a solicitor involved as you may be able to get it for less.