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77 years left on lease, landlord wants £28k to extend! 77 years left on lease, landlord wants £28k to extend!

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Old 07-03-2011, 01:23 PM
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Join Date: Mar 2011
Posts: 1
Default 77 years left on lease, landlord wants £28k to extend!
Hi there.

I live in a 3 bedroom flat (worth around £160k now) and 77 years left on the lease. My landlord has quoted £28k to extend the lease to 99 years. Is this ridiculous or what? He thinks the flat is valued at £200k, but none of the flat on my road have gone for that. The last 3 bedroom flat sold 3 months ago went for £130!!

I am guessing it would not increase the value of my property by too much, only the saleability.

Not sure what to do. If I go ahead and start this process, the quote may only decrease by a small percentage.

Any ideas if this is normal? Either that or is it worth trying to sell?

Thanks,

Jodie
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Old 08-03-2011, 02:51 PM
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Join Date: Apr 2007
Location: Hampshire
Posts: 468
Default Re: 77 years left on lease, landlord wants £28k to extend!
Already answered on MSE.
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RICHARD WEBSTERwww.rwco.co.uk
As a conveyancing solicitor I want to be helpful (England/Wales only) but can't accept liability for this.
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