Lease Extension On A Leasehold Flat

[HAMMEROFTHOR]

I have 61 years left on my flat lease, and wish to extend the lease for another period of 99 or 100 years. My question is this-(apart from the option of paying the marriage value premium to the freeholder now)- is there a legal mechanism whereby I could sell the property and pay the marriage value to the freeholder at the point of sale/exchange from funds raised by the sale of the property- therefore extending the lease to the required period for the party who would buy the flat?
Advice welcome, thanks in advance

[ladybirder]

Yes. Talk to your solicitor.

[HAMMEROFTHOR]

Thank you ladybirder

[ladybirder]

You're welcome. Done it myself that's how I know. x

[HAMMEROFTHOR]

may I ask you-did the freeholder and mortgage company/ buyer readily agree to this, or did problems arise? And Did you negotiate the premium figure with the freeholder or is it set in stone in the marriage Calculation? How is the agreement done is it complicated? Thanks

[ladybirder]

Hammer it was many years ago now and I didn't have much to do with it and let my solicitor handle it. As there were only three flats in a detached house and the freeholder lived in one of them I negotiated with him myself and got a fair price that we were both happy with. If you're in a big block it's not quite so easy. There were no problems with mine at all but I don't expect all are so easy, especially if you have an awkward freeholder.

Have a look on this site, lots of help there.
http://www.lease-advice.org

[HAMMEROFTHOR]

I'm in a block of 25 flats and some shops, so I guess it may be a bit more complicated;- as you say,- and the freeholder of my block has a reputation for being 'difficult'...in more ways than one! So it looks like its all down to some hard negotiation with him I suppose. But anyway, thanks for the link and thanks very much for your help, its really appreciated. Cheers

[scazzrat]

Serve a Section 42 notice on the freeholder quoting a price that your surveyor recommends (get a surveyor involved - they will advise you best case, worst case and reasonable level of premium) then sell the flat with the benefit of the notice of claim - the buyer can also see what levels the surveyor has suggested. Make sure you choose a reputable surveyor and solicitor as if it is served incorrectly (and deemed invalid) the purchaser has to wait two years before they qualify for a lease extension.

[themas]

You must use a surveyor who specialises in this type of valuation - it is not simple. RICS should be able to give you some names.

[HAMMEROFTHOR]

Thank you scazzrat and themas for your answers, very helpful.
Regards, HAMMEROFTHOR