Lease extension cost doubles in 2 years!

[mick1052]

In May 2006 we bought a flat in Eastbourne with 54 years remaining on the lease. The owner showed us a letter from the freeholder dated April 2005 stating that £15,000 was the price to extend the lease. We put aside £17,000 for this purpose and planned to extend once the statutory 2 year period was up.

This year we have been hearing horror stories from some of the other flat owners saying that they have been quoted between £30,000 to £37,000 and indeed one of them has just paid £30,000 for his lease.

We went to see a solicitor last week to get the wheels in motion for our lease extension and told him what was happening in our block. He was quite pessimistic on our behalf and told us that the Sportelli case had changed things dramatically in favour of the landlord. We are shortly to have a surveyor round to give his price on the extension and we will keep you informed. Can the cost really have doubled in three years?

If anyone else has recently gone through this experience, it would be great to hear what happened to you and was there any light at the end of the tunnel. (Clutching at straws I think!)

The main reason for me to post was to warn anybody thinking of purchasing a flat with a short lease…..BEWARE!!

[MrShed]

How long is left on the lease?

[mick1052]

52 years.