Should I try to buy / extend my lease?
Discussion
Hi,
I live in a 300yr old town house in the centre of small city. The house is freehold. About 30 years ago the then owner sold a small section of the garden to a housing association who were building a development that backs onto the garden. In return the PO got a lease on a garage and drive that is at the bottom of the garden. The rent was fixed at £12 per year! The lease is due to expire in about 6 years but includes a clause that allows the owner to take over the garage at an agreed market rate for as long as the rent is paid. I estimate the rent would be about £75-100 per month at today's rates.
Living in the centre having a garage and a drive is very handy and adds value and saleability to the house. We will probably move before the lease expires but when we had the house on the market last year it seemed that several people were put off by the whole lease thing. If I wanted to change the lease I would want to start now so that it is all sorted before we put it on the market.
What are my options? Do I have any rights? What would you do?
Thanks
I live in a 300yr old town house in the centre of small city. The house is freehold. About 30 years ago the then owner sold a small section of the garden to a housing association who were building a development that backs onto the garden. In return the PO got a lease on a garage and drive that is at the bottom of the garden. The rent was fixed at £12 per year! The lease is due to expire in about 6 years but includes a clause that allows the owner to take over the garage at an agreed market rate for as long as the rent is paid. I estimate the rent would be about £75-100 per month at today's rates.
Living in the centre having a garage and a drive is very handy and adds value and saleability to the house. We will probably move before the lease expires but when we had the house on the market last year it seemed that several people were put off by the whole lease thing. If I wanted to change the lease I would want to start now so that it is all sorted before we put it on the market.
What are my options? Do I have any rights? What would you do?
Thanks
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