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You're not in e10 are you?
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Just finished sorting ours (everything signed and paid for, just takes an extra six months for the land registry to return the paperwork).
The online calculators are fairly accurate and it will depend on whether or not you go the statutory or informal route how much it costs (the latter removing some legal fees and duplicate valuations - but doesn't always remove the ground rent).
If you are not in a rush, contact the freeholders solicitors and tell them you would like to extend and ask for a quote. If you like the quote, instruct your own solicitor and crack on. If not, instruct your solicitor to issue a Section 42 lease extension notice (which you are entitled and protected to do by law if you have owned for more than two years) and fasten your seatbelt.
I was told that as a rule if thumb, lenders will discriminate against anything below 75 years (as at the end of the 25 year mortgage term is will be 50 which means it would be a fortune to extend). In reality, I wouldn't consider buying anything at 82 years or lower as the cost to extend becomes exponentially greater below 80 (remember you need to have owned for 2 years for statutory extension) as you then add the "marriage value" to the premium and legal fees.
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ReekBlefs
stevo_com
@rpm
Has anyone here extended the leasehold on their property? Would be good to hear experiences.
I have 68 years or something left and when selling am aware that lenders will favour a longer lease.
The freehold is owned by a faceless company who only communicate through solicitors.