I asked the owner, he said to make him an offer, but I have no clue as to how much. I bought the house for £150, 000 two years ago as a 3 bedroomed 1 bathroom semi, but have added a huge extension outwards and upwards, 2 more bedrooms , 2 more bathrooms and a loft conversion. How would I calculate things in order to make a reasonable offer?
2006-11-08 03:23:19 · 3 answers · asked by Lorraine S 1 in Business & Finance ➔ Renting & Real Estate
It depends on how long the lease has left to run.
If it's a very long term lease (say 999 years), I'd offer ten years ground rent (or £200) plus his legal costs.
If it's short (say under 100 years left to run) you'd probably need to increase that, as his interest in the property is greater because he could expect to regain his property at the end of the lease or renegotiate a new lease fairly soon.
This is an extremely useful site and should help too:
http://www.lease-advice.org.uk/housframe.htm
2006-11-08 06:30:15 · answer #1 · answered by in vino veritas 4 · 1⤊ 0⤋
Have a look in estate agents shops and websites for something comparable and use that as a guide.
2006-11-08 11:31:36 · answer #2 · answered by monkeymanelvis 7 · 0⤊ 1⤋
go to an estate agents tell them you are thinking about selling they will race down your way and give you a free estimate you can then tell them you will let them know if you decide to sell ask them about the ground rent while they are there they know it all!
2006-11-08 11:31:58 · answer #3 · answered by . 5 · 0⤊ 1⤋