There are a number of different lease extension calculators on the web. The following advice applies whichever one you use.
Some companies offering leasehold calculators charge a nominal fee. Such companies justify the for this service due to the fact that each computation is carried out manually by an experienced chartered surveyor rather than by an automated programme. This is of course as fair point. If you are going to pay a fee to use a leasehold calculator the please ensure that the fee is deducted form any fees that your subsequently incur you require a formal valuation.
Other lease extension calculators on the web are available free but please beware that some lease extension premiums can be misleading where the unexpired term is less than 80 years. This is because these lease extension calculators require you to input the existing value of your leasehold flat in order to calculate the ‘marriage value’ element of the computation.
As far as we can see all lease extension calculators are designed to give an illustrative figure only on premium. They cannot provide you with actual lease extension and, in the main the actual premium will only be determined after a process of negotiation with your freeholder. You should not use a free calculation in tribunal or court proceedings and neither should you take any other action based on this information without first getting formal professional advice. You should remember that the law and the way property is valued changes often. Web based lease extension calculators are not intended for use in respect of houses or of flats with leases having less than 50 years unexpired.
Lease Extension Calculator
Our Lease Extension Calculator gives you an estimated Premium (cost) of the Lease Extension based on the formula contained in The Leasehold Reform Housing and Urban Development Act 1993 (as amended) which provides a formula for a 90 year extension assuming a peppercorn (very low) ground rent after the Extension. The actual Premium will be agreed between Leaseholder, Landlord and Freeholder and possibly a Leasehold Valuation Tribunal. Fridaysmove offer no guarantees of accuracy of this data. We strongly advise that you take professional advice before entering into negotiations. Our fees for assisting with Lease Extensions start at £299. 00 plus VAT. For more information on Lease Extensions, call us on 0800 038 6446.