Lease extension - negotiation - all part of the service.

Having established that only 50 years remained on the lease of a client's property in the West Midlands, we were advised by the Managing Agents that it would cost our client over £18,000 to extend the lease or purchase the freehold.

With this in mind we advised the estate agents to alert any potential purchasers of the lease situation and that they should consider any offers with that in mind. However, as we know, a short lease can often cause problems in obtaining a mortgage.

We therefore spoke to a valuer who specialised in lease valuations and negotiations. We appointed him to carry out a valuation and he estimated that a more realistic cost would be in the region of £3,300 - £4,500.

Following negotiation we reached an agreement that the lease could be purchased for £3,795 plus £500 legal costs. Substantially less than the original quote.

With our clients agreement we purchased the freehold on their behalf and not long after secured a buyer for their property.