Property/land lease values

[heebeegeetee]

Hi,

Don't know if anyone can help me. I've inherited a small property, a maisonette in inner city Brum. I've accepted an offer of £65k on it. However I need to extend the lease, as it only has 54 years on it which makes it unmortgageable. The freeholder has offered me a 25 year extension for £1850. The freeholder estimates his solicitors fees at £350 + vat, and my solicitor is asking for @ £500.

Do these figures sound reasonable?

Much appreciate any advice,

Heebee.

[minimax]

they sound pretty reasonable to me and I do about 2-3 deals like this a month (lots of flats here in west bridgford) but then I am in south nottingham so maybe prices fluctuate according to area?

there are mortgage companies that will allow mortgages on a 54 year lease, the usual rule of thumb is 30 years to be left on the lease after the end of the mortgage, so theoretically a 24 year term is possible

[heebeegeetee]

Thanks for that,MM, that's reassuring.

I've been told mortgage companies like 30 years plus 25, which bring us in 1 year short. But I'll probably extend it anyway, if only to prevent it being used as a leverage against me.

Ta Mate.