Lease Extension

[Younez]

I'm trying to extend the lease for where I live, there is 78 years remaining. The freeholder has given a ridiculous figure for a 90 year extension. I hired a local chartered surveyor who said the real value is 1/3 of the figure given by the freeholder. I spoke to the freeholder who said take it or leave, they are not willing to negotiate and happy for me to go down the legal route.

Has anyone challenged a freeholder before and suggestions on which route to go down?
Thanks!

[Younez]

Thanks for all the info.
Spoke to my lawyer who said it's not worth the hassle(law is in favour of freeholder) or money in relation to the lease amount £35k going the legal route.
The freeholder definitely didn't use a surveyor for the figure and when I asked my surveyor he said minimum charge £400 to talk to freeholder and £250 per hour thereafter. This is a local surveyor in zone 3
Have been told to speak to lease advisory service.
Will let you know how I get on, just feel stupid paying £35k for a £10k for a lease

[Younez]

TooMany2cvs said:

Younez said:

Have been told to speak to lease advisory service.

Statutory lease extension calculator is at http://www.lease-advice.org/calculator/

The surveyors assessment is about right

[Younez]

kingston12 said:

Younez said:

Thanks for all the info.
Spoke to my lawyer who said it's not worth the hassle(law is in favour of freeholder) or money in relation to the lease amount £35k going the legal route.
The freeholder definitely didn't use a surveyor for the figure and when I asked my surveyor he said minimum charge £400 to talk to freeholder and £250 per hour thereafter. This is a local surveyor in zone 3
Have been told to speak to lease advisory service.
Will let you know how I get on, just feel stupid paying £35k for a £10k for a lease

The solicitor would be the expert of course, but if the £10k valuation is anywhere near correct, I wouldn't be prepared to pay £35k without challenging it.

You shouldn't have to pay anything for your surveyor to speak to the freeholder but you will have to pay all of their legal fees (as well as your own).

Even going the legal route, I can't see both sets of fees adding up to nearly the £25k difference, especially taking into account that you will still have to pay lower fees even if you just agree to the £35k valuation.

Good luck with it, it is always a shame to hear about somebody else dealing with hassle because of our outdated property-ownership system.

Thanks, unfortunately Surveyor is charging.

[Younez]

We tried to buy the freehold a couple years back but for some reason most of the residents were not keen.

Most laws around property seem to need modernising. It looks like the freeholder is aware of this hence why they have such an attitude