Lease extension
Property Investment

1 Thanks
5 Posts
9 years ago
I think this is the right place for my query, but am ready to be corrected.

I bought a first floor maisonette - end of terrace, purpose-built - with a 69 year lease remaining, paying what I felt to be the *right* price given the likely cost of repairing the lease back to a sensible (and eventually saleable) 125 yrs +.

Deskop valuation was done. Advice was sum should be in range from 10,450 (me-friendly figure) to 13,000 (freeholder-friendly figure. S42 notice assigned by the vendor to me was served on the freeholder between exchange and completion. I offered 11,200.

Counter-claim arrived yesterday - they want 14,800.

My question:

Is it worth paying my valuer to negotiate, or am I better off simply agreeing to the freeholder's proposed sum? My worry is that further valuer fees (both sides, of course!) could eat into and perhaps eclipse any negotiated reduction in premium.

Would much appreciate counsel here from more experienced members.

Thank you.

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