Extending the lease on a garage?

[SimonTheSailor]

Seen a garage for sale nearby in a small compound, quiet area, only a small block of flats in front and nice road.

Lease only had 40 years left on it, has it's own title as was separated from the flat a while ago.

I know it's not covered by the same rules as a flat where you can 'force' an extension to the lease.

I'd use it for a while (so saving renting one) then rent it out so eventually paying for itself, then I'd be dead.

Does it matter about a short lease on a garage ?
Can I extend it ? What would be the likely cost ?

[SimonTheSailor]

Anybody ?

[OutInTheShed]

If you think you will get the value out of it before the lease expires, why not?

I'd be more concerned about the crackpot covenants that seem to come with lockup garages.

Also I found getting buildings and third party insurance for a lockup remote from my house could be a wind-up.

[Chrisgr31]

Wonder if it is protected under the commercial legislation. Landlord and tenant act 1954.

You can value it by multiplying the number of the years on the lease by the rental payment.

[Little Lofty]

My son has just bought a garage with a similar lease, the freeholder wants about £5k to extend it, he’s in two minds about buying it, £5k is too much but the garage would be worth a lot more with a longer lease, tricky.