Extending my Lease

[maddernj]

I am looking to sell my flat and need to Extend the lease before I do. It currently has 70 years to run, Its part of a Victorian building with one other flat and I also own 51% of the freehold. As I also own the freehold how do I go about extending my lease ? I have spoken to the original solicitor that helped us buy the place who advised a fee of £0000's ? is this correct ? Surely its just paperwork and a small admin fee as I would be paying myself. Also do I need to get the flat upstairs to sign up as well ? the lady that owns it is often away on business and is a nightmare to get hold of..........

Thanks

[Wings]

Contact http://www.lease-advice.org/contact/

[SJobson]

Why do you own 51% of the freehold? I'd be annoyed if I had the other flat and only owned 49%.

When you say you own 51%, is the freehold actually owned by a company and you hold 51% of the shares in it, or is it jointly owned by the flat owners in their own names (in unequal shares, presumably)? If the latter, you will certainly require the consent and signature of the other owner/s to extend your lease.

If it's owned by a company, you'd need to see the company's constitution to ascertain whether you can sign off an extension yourself.

Assuming you are in control of the process because you have at least a share of the freehold, it shouldn't be thousands of pounds. The lease extension should be a fairly simple document. You will need to register the extension at the Land Registry and will need to charge it to your current mortgagee, so there's a bit of faffing about to do but anything over £1500 in fees would be a try-on, IMO.

[maddernj]

Its in our names....I own the ground floor and garden, upstairs just has their rooms. As far as I know there are no companies involved, and there is nothing on the lease contracts that I have

[maddernj]

Leasehold Advisory Service have suggested contacting a solicitor and arranging a deed or variation. £250 and all should be great.

[HiRich]

maddernj said:

Leasehold Advisory Service have suggested contacting a solicitor and arranging a deed or variation. £250 and all should be great.

Sounds miore realistic. Despite being hard to contact, I would suggest you at least inform her of your plans - it might be possible to split the costs, and is probably helpful that both leases remain identical 9mention also that it will help her with a new mortgage or selling the property in the future). Offer to put her on to your solicitor and set a timeframe.
Even if she declines, there's a letter on file for your buyer wen she eventually kicks up a fuss.