Hi,
I currently live in an upstairs flat (block of 4) which is a leasehold. There are 63 years remaining on the lease and I have been there for about 3 years. When I purchased the property the remaining length of the lease was never raised as an issue by my conveyancer,
A couple of people have recently sold their properties and one sale fell through because of the remaining length of the lease. This raised an element of concern.
I'm therefore interested in either buying the freehold or extending the lease. The property is worth about £95,000 and the ground rent is £25 per annum. However, I've recently heard one of my neighbours was quoted £12,000 to extend the lease.
This seems to be somewhat punitive and I am only imagine that the leasehold management company is trying it on. Can such leaseholders charge what they want for these services as it is totally unaffordable? Surely, there must be some government regulations to prevent profiteering.
Any advice would be greatly apprececiated.
Thanks in advance John