Ideally, the longer you hold on to a lease, the higher the value of your property. Moreover, the cost of extending lease is also higher. So, if you own a leasehold property in London, even though you might be ‘owning’ the property, you do not have control over the building. If the owner sells the property, the lease is automatically transferred to the new buyer.
To accurately know the leasehold extension cost is within limits, you should calculate it based on the value of the leased property and the number of years left on the lease period. The final cost of extension will include the actual lease extension solicitors costs, legal expenses and Land Registry costs.
However, it is impossible to come up with an accurate extension cost without first looking into the specific case details, the rent charged, and the present market value of the property.