- November 19, 2023
- Posted by: legaleseblogger
- Category: Related News
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AI Legalese Decoder: An Innovative Solution for Understanding Legal Jargon
Property Lease Extension Proposal: An In-Depth Analysis
Background
Currently, you have 81.5 years left on your property lease, with the property being worth an estimated 230-240k. Additionally, you are paying a ground rent of 100£.
The Proposal
You have been given a proposal for extending the lease for an additional 90 years, which would bring the expiration date to 28th September 2196. The premium for this extension is ┬ú6,500, and the ground rent would be reduced to a peppercorn. However, you would also be responsible for the payment of the valuator’s fees of ┬ú791.67 plus VAT (with 50% already paid) and the freeholderÔÇÖs legal costs.
Considerations
Waiting for the lease extension might end up being costly, especially if it takes longer than expected. There is also the risk of falling into marriage fee, although there is a proposed abolition of this fee, it is uncertain whether it will come to fruition. With these uncertainties in mind, it is essential to carefully consider your options.
Exploring Options
Given the proposed terms, the most significant difference you can see is the offer for a 990-year extension instead of the initial 90 years. This could be worth considering and negotiating for. However, you also ponder if there are any other potential benefits to waiting and if there are any additional improvements that could be made to the proposed terms.
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Incorporating the AI Legalese Decoder into your decision-making process can help streamline the evaluation of the proposal and provide clarity on the potential benefits of waiting versus accepting the current offer. By leveraging the capabilities of this innovative tool, you can navigate the intricacies of the legal implications involved in property lease extensions with confidence and ease.
Ultimately, the AI Legalese Decoder serves as a valuable resource in empowering you to make well-informed decisions regarding your property lease extension. With its assistance, you can navigate the complexities of the proposal and explore alternatives, ensuring that you secure the most advantageous terms for your lease extension.
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****** just grabbed a
If it’s proposed legislation you are taking a huge risk, it can take years to pass, and when it does it may have a start date later. It may not even pass especially if there’s a snap election when all Bill’s get dropped.
Go with the position today, the future is for the kind folks with crystal ball.
The reports I’ve read talk about making it “cheaper and easier” to extend. There’s no detail yet on how exactly this will happen but it’s something to consider.
A report published by the Commons Library in the summer indicated intentions for upcoming legislation to:
“Reform the process of enfranchisement valuation used to calculate the cost of extending a lease or buying the freehold” and “Abolish marriage value”.
https://commonslibrary.parliament.uk/leasehold-reform-in-england-and-wales/
So there *could* be a complete overhaul of the premium calculation formula as well as the disappearance of the marriage value cliff edge.
It’s likely the draft bill will be published within the month so it’s probably worth at least waiting to see the detail before deciding whether to pull the trigger now or take the chance on waiting for potential new rules.
If I were in your shoes, I wouldn’t wait. Whilst it’s not spare change, the amount you might save is tiny compared to the amount could lose.
Leasehold reform is a stated aim of the government. However there’s no legislation for it currently proposed or working its way through parliament. There’s going to be a general election coming within the year. Will the reform legislation be pushed through before that? If not, will the winner of the election pursue the same policy goals?
The legislative and legal basis of leases are ancient. They’re based on old feudal laws with Anglo-Norman terms like desmagne, and fee simple (a derivative of enfeoffed). With some of the legislation still on the books written in Latin. It is not a simple matter to unpick all this for reform. Not even factoring in mistakes and unintended consequence of any reform.
A bird in the hand is worth two in the bush.
Haggle but don’t take too long. See if you can get a longer lease and they pay their own legals – then see which they move on if any.
The legislation would make them pay their own legal fees but the legislation may never get passed. Lots of Freeholders in the HoL with vested interests.
I’d just make them an offer to buy the leasehold, it’s not worth much as an investment to them when it only returns ┬ú100 a year and they have the hassle of having to issue you a letter to collect it.
In many cases you have a legal right to buy it and there is a process if the price can’t be agreed.
HMRC have further information.
https://www.gov.uk/leasehold-property/buying-the-freehold