150 lines
4.3 KiB
Plaintext
Executable File
150 lines
4.3 KiB
Plaintext
Executable File
property
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propertyadvice
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propertyclinic
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7306218
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# What price a lease extension?
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## Property Clinic: our experts answer your questions about all aspects of
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buying, owning and selling a house. This week: the cost of a lease extension.
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By Lorna Vestey 4:00PM GMT 25 Feb 2010
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[Comments][1]
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**The market **
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My daughter made an offer on a flat in London conditional on the lease being
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extended, which was agreed and accepted. Two months later she is no further
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forward. The vendors are now offering a "Section 42" so that she can extend
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the lease herself; they are asking her to get a survey to assess the maximum
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it would cost and will reduce the price by that sum. Is this normal?
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Apparently, the vendor is now in a hurry and has no time to extend it himself.
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Could this survey guarantee the cost of the extension?
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**Lorna Vestey writes**
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No, the only guarantee of the cost of a lease extension is a binding written
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offer/agreement from the landlord or a Leasehold Valuation Tribunal decision.
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However, a surveyor should be able to calculate a reasonable estimate.
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Sometimes the cost of past extensions in the building can give a useful guide.
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It is very common for an outgoing leaseholder to serve notice for an
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extension, then for the sale to go through when this has been accepted by the
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landlord, whose counter-notice gives his figure for the extension. The buyer
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inherits the right to extend and pays the costs and premium.
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The Section 42 is the form submitted by a qualifying leaseholder to the
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freeholder giving notice that they are applying for a lease extension. To
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qualify they must have owned the property for at least two years, so your
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daughter could not immediately do this herself. To obtain certainty, she could
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insist on waiting for the counter-notice from the freeholder (usually served
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after two months) and exchange conditional on the figure it includes.
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Your daughter's solicitor should have advised her about all this and long
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since chased up the vendor's solicitor to establish exactly how things stand.
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Has notice been served and, crucially, accepted? If no surveyor has yet been
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commissioned, it sounds as though nothing has been done as figures have to be
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included in the Section 42. If this is so, and the lease extension is
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important to her, she should probably withdraw, find a new property and a new
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solicitor.
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* Send your property problems to: Property Clinic, The Daily Telegraph, 111
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Buckingham Palace Road, London SW1W 0DT email
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[propertyclinic@telegraph.co.uk][2]
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* Our experts regret that they cannot answer readers' letters personally.
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All correspondence should be sent to them at the address given above. We
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regret that we cannot acknowledge letters. Please keep them brief
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[X][3] Share & bookmark
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[What are these?][4]
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* Share: [Share][3] [ ][5] [ ][6]
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[Tweet][7]
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http://www.telegraph.co.uk/property/propertyadvice/propertyclinic/7306218
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/What-price-a-lease-extension.html
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Telegraph
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## [Property Clinic][8]
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* ### [Property »][9]
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* ### [Property Advice »][10]
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In property
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[![Twenty-four-hour party people: noisyneighbours can turn even the loveliest
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of houses into a waking nightmare][11] ][12]
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### [Property clinic: Noisy neighbours][12]
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[![House Doctor DIY: whether you are papering walls or ceilings, it pays to
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have a helper at hand, says David Snell][13] ][14]
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### [Doctor in the House: wallpaper worries][14]
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[![I spy: neighbours are not responsible for subcontractors
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][15] ][16]
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### [Property clinic: How responsible are our neighbours?][16]
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[![Building regulations and energy efficiency: The new elemental U values
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applies to flat roofs, external walls, glazing and roof lights][17] ][18]
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### [Building regulations and energy efficiency][18]
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[X][3] Share & bookmark
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[What are these?][4]
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Share:
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* [ ][3]
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* [ ][5]
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* [ ][6]
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* [Tweet][7]
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* Advertisement
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![][19]
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telegraphuk
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Please enable JavaScript to view the [comments powered by Disqus.][20] [blog
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comments powered by Disqus][21]
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