Extending a lease

[Mrs Cuchillo]

Just a ballpark needed - 1 bed flat in Mayfair, current price £265k, only 5 years remaining on the lease.

How much to extend the lease?

[kenny Chim 4]

Impossible to tell unless you seek professional advice. Read the last paragraph on this page:
http://england.shelter.org.uk/get_advice/advice_to...

Better still, read it all. I found it useful when looking into a similar situation last year.

Edited to add- this is my 1'000th post! Don't those years just whizz by?

Edited by kenny Chim 4 on Monday 12th January 22:53

[SJobson]

What do you mean by current price? The major factor (assuming a low ground rent) is the difference in value between the current lease and a lease 90 years longer - with a mere 5 years remaining I suggest that is an enormous difference.

You do have to own the property for 2 years before you even qualify to extend the lease, by the way.