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Freeholder wants to change lease

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  • Freeholder wants to change lease

    Hi there, I'm new so bear with me!

    I am the freeholder of a house which is converted into two flats (upstairs have a lease). In the back garden is a block of two outbuildings described as garages. One is mine, one is part of the lease for upstairs.

    They only have access by foot to the garage and have no use of the garden at all (although they have to walk across the garden to get to the garage which they currently use for the storage of about 5 small items!)

    Their lease term is 99yrs from 23/10/72 so they have roughly 63yrs left to run on it. I would love to buy the garage out of their lease as it would mean I no longer have to allow access and can keep the big gates shut so my dogs can run around freely.

    1) How would I go about doing this?
    2) How much do you think it would cost to buy it back? (considering you can't park a car in it as it's only accessible by foot and it's old!) size-wise, you could possibly fit a small car in it but that's about it?
    3) Any ideas on the legal costs of changing a leasehold and charges for time, paperwork etc?

    Sorry if this seems like a ridiculous set of questions, I would just love to get a vague idea of whether or not this is an option for me. (allowing for the fact that upstairs would be prepared to let it go of course)

    Huge thanks in advance

    Clusters

  • #2
    Hi Clusters

    from the information supplied I would suggest that the best course of action would be to approach the leaseholder with an offer to purchase the land assigned to them under the lease. if you are able to agree a price then a solicitor will be able to draw up a deed of variation.

    As they have a fairly short term left on their lease you may be able to negotiate a lease extension as an incentive to come to an agreement.

    It is impossible to project costs for this type of procedure.
    www.pssgroup.co.uk

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    • #3
      There are no BAD questions, my friend - just dumb answers. Trying to figure out a cost can only be done by average out similar projects so ask around. Everything else I agree with 100% from the previous post.
      For premium mortgages at discount prices we recommend UK Mortgage Specialists for a free quote

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