Lease extension and average ground rent on a lease hold flat

[J-Deezy]

Hi All,

 

I am about to start the process of extending the lease on my flat (currently at 73 years). I am not sure whether to go down ther formal or informal route yet. Is there a difference in cost? If the cost is the same I think the formal route would be best as I get a longer lease and peppercorn ground rent.

 

I don't have the valuation to extend the lease yet but I have made an inital enquiry and the Freeholder/landlord has recoommended extending to 99 years with a £250 a year ground rent. Is £250 a reasonable and standard ground rent for a converted 1 bed flat in Brighton? I have heard conflicting opinions from local extate agents. Some say £150 is more accurate.

 

Any advice on the formal or informal route costs and ground rent would be very welcome. The Lease advisory service were a bit vague.

 

Thanks

Jay

[maroondevo52]

Hello and Welcome,

 

I've moved this thread to the appropriate Forum.

 

Regards.

 

Scott.

[andydd]

Hi there.

 

Im quite aquainted with Landlord & Tenant law but alas not really lease extensions. Perhaps try visiting LandlordZone forums which has many members more knowledagble in such things) or find a local solicitor/surveyor/expert in such matters (the Lease site has a list i believe).

 

Andy