Ballpark figure for extending lease on a flat?

Hello - I'm considering selling my flat and want to find out if it's worth extending the lease to make it more saleable.

The flat is one of four in a converted terraced house in North London. Market value is probably about £220,000 (I think) but there are only

75 years left on the lease. Ground rent is £52 PA. My questions are:

1] Is a 75 year lease likely to depress the value of a flat in a relatively strong market? Is it financially worth the faff of extending it?

2] I've been here 12 years so I have the statutory right to extend (it's 90 years for a peppercorn on top of what's left of your existing lease as far as I know). What's a rough estimate of the cost of doing so? 3] If it's a case of making the freeholder an offer, is there a formula or a tribunal to get to a reasonable price for an extended freehold?

Any help/suggestions much appreciated. Cheers, DROID

Reply to
Nndroid
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Why don't you buy the freehold? It shouldn't cost too much, maybe 2,000 UKP would be reasonable.

Reply to
davidof

More like 12,000 including costs.

Reply to
Stickems.

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