Owning your own home

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aggi

Must post faster! Anyway ...

I'm looking at extending the lease on my flat. Victorian house, me and the guy downstairs own the freehold. We both want to extend the leases, the current leases are fine (other than the duration) so wouldn't need a new lease writing.

What's the best/cheapest way of doing this? Quotes look to be about £500 per flat (plus land registry fees, etc) whereas I was hoping for about half of that. The other leaseholder was suggesting we could do it ourselves but I'm somewhat wary of that, it could be an expensive thing to cock up.

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PQR in reply to @aggi

Why do you need a lease extension if you have the freehold?

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stevo_com in reply to @PQR

If you share the freehold with someone else, there still needs to be suitable time remaining on the lease.

@aggi £500 is nothing when talking about doing lease stuff right, I'm a leaseholder and it cost me £10k to extend mine, which I thought was reasonable.
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aggi in reply to @PQR

Banks still get squirmy about shorter leases even if you have a share of freehold (I guess there's a chance that the other freeholder may try and block extensions, etc). The mortgage is on the leased flat, not on the freehold.

@stevo_com It's not a huge amount of money but it is a very straightforward process as it's two identical leases being varied in the same way with no consideration due, etc. All of the quotes seem to include reviewing the lease for problematic clauses, etc which I'm not that fussed about as this when done when the flat was purchased.

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