Is 86 Year Lease Cause For Extension On Maisonette?

[Adamb12 0]

Hello I currently have 87 of 125 (Will be 86 in December) years left on my lease.

My landlord is PAS property services ltd I believe also go by the name Coppen estates ltd.

 

I am concerned that the lease could or is affecting the value of my property and considering whether or not to extend my lease and was wondering if anyone else has been in a similar scenario and can advise. I am likely to sell the property in the next few years (5 absolute max) regardless of whether i extend or not. I am also aware of the marital value that comes into play when the lease drops below 80 years.

 

Any advice welcome thanks, Adam.

[Jeffrey Shaw 90]

PAS and Coppen are separate companies but operate from the same address and under the same control.

Yes- if you've owned the flat for at least two years, you should certainly extend your lease.

Use statutory rights under s.42 of the Leasehold Reform Housing and Urban Development Act 1993.

[Adamb12 0]

I see my mistake, yes I've owned  the flat for more than two years.

 

Do you think I would be best to start the process as soon as possible? As I'm under the impression that it can be a pricey procedure and would like to wait a while to gather more funds if its not essential I extend right away.

 

Thanks for the speedy reply.

[*Wallace* 333]

Yes they never make things like this a reasonable price do they ?

[Adamb12 0]

Certainley not. I've read somewhere about potential changes in legislation making it much cheaper to extend and buy plus also abolishing ground rent (If I recall correctly). But when these rules will take places is anyones guess.

 

But does make me question whether or not to extend now or wait.

[Jeffrey Shaw 90]

The longer you wait, the more it will cost- because the cost rests, to a large extent, on the lease's diminishing unexpired term.

[Jomie 30]

Quote

…..I've read somewhere about potential changes in legislation making it much cheaper to extend and buy plus also abolishing ground rent (If I recall correctly).

Adamb12 - flats are usually leasehold.  Not sure whether purchase is (or will be) possible. Doubtless Mr Shaw will be able to give guidance on this. 

Edited August 16, 2021 by Jomie

[Adamb12 0]

4 hours ago, Jeffrey Shaw said:

The longer you wait, the more it will cost- because the cost rests, to a large extent, on the lease's diminishing unexpired term.

I see, I was hoping that wasn't the case.

3 hours ago, Jomie said:

Adamb12 - flats are usually leasehold.  Not sure whether purchase is (or will be) possible. Doubtless Mr Shaw will be able to give guidance on this. 

Yeah I know I was refering to leases in general not just in the case of flats, but I could still wrong either way.

[Jeffrey Shaw 90]

On 16/08/2021 at 15:50, Adamb12 said:

I've read somewhere about potential changes in legislation making it much cheaper to extend and buy plus also abolishing ground rent (If I recall correctly). But when these rules will take places is anyones guess.

 

But does make me question whether or not to extend now or wait.

There are no imminent changes. The procedure is usually this:

1. A Bill is drawn-up by Parliamentary draftsmen.

2. HMG introduces it, or sometimes an ordinary MP or Peer might.

3. It's debated by one House (three readings).

4. It's debated by the other House (three readings).

5. In either/both of those cases, it might be amended.

6. It receives Royal Assent.

7. Statutory Instruments re commencement/forms/etc. are drawn up.

8. Eventually, it comes into force.

 

(So don't hold your breath.)

[topflat29 10]

There is a free guide to statutory  90 years  leasehold extension  for flats  to download from LEASE  ( www.lease-advice.org ).

 

Also  there is a guide to  download  for  cost of   statutory  extension.

 

The Government Housing Minister  proposes to introduce legislation  to  make leasehold extension cheaper next year and you can google search for announcements.

[Jeffrey Shaw 90]

New legislation: yes, maybe, but don't hold your breath. This has been announced and re-announced several times without any Bill being published, let alone starting its journey through Parliament.

[realestate69 0]

Yes but I have seen this notice many times before so cant say.