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How much does it cost to extend a lease on a flat UK?

On top of the cost of the lease extension itself, you must also pay both your own professional fees and those of your freeholder. Usually, your own fees will be in the region of 2,000 to 2,500+VAT and your freeholders will be much the same, or a bit higher.

Do I need to extend my lease if I own the freehold?

Even when youve purchased the freehold, there are still two important truths you must never forget: You will continue to own a lease on your property. Time will still be ticking away on that leaseso sooner or later youll probably need to extend it (especially if you want to sell your flat).

What happens if you own the freehold?

The freeholder of a property owns it outright, including the land its built on. If you buy a freehold, youre responsible for maintaining your property and land, so youll need to budget for these costs. Most houses are freehold but some might be leasehold usually through shared-ownership schemes.

How much does it cost to extend a lease?

There are four strands to the costs of extending a lease: Your legal costs and fees, which could range from 2,400 to 4,500. The freeholders reasonable legal and valuation fees, from 1,200 to 2,100. The premium, i.e. the cost of the additional lease term, which could be anything from 3,000.

How much does it cost to extend a lease on a share of freehold?

Once you have share of freehold, you are able to extend your lease for free usually up to 999 years. This is only as long as the other co-owners of the freehold agree.

How much does it cost to extend lease UK?

Negotiations will start by a formal notice being served with your opening offer of what you want to pay for your lease extension. The freeholder will now ask for a deposit. This will be 10% of the lease cost stated in the notice or 250, whichever is greater.

What happens at the end of the 99 year lease?

This means that anyone who purchases a residential or commercial property will own it only for a period of 99 years, after which the ownership is given back to the landowner. Buyers of leasehold properties are required to pay a ground rent to the landowner for this.

Can you extend a lease without a solicitor?

For security and peace of mind, its always wise to formalise your lease extension through a solicitor with expertise in this area. Remember that if the lease on your property is short (80 years or below), its your legal right to extend it.

How do I extend my flat lease UK?

You can ask the landlord to extend your lease at any time. You might be able to extend your lease by: 90 years on a flat if you qualify. 50 years on a house if you qualify.

What does ownership freehold mean?

Freehold ownership means that you own the land and house outright, with no space co-owned or co-managed with owners of adjacent homes. You are also solely responsible for the maintenance and upkeep of your property, and the property taxes associated with it.

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