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