My co-freeholder does not wish for us both to extend our leases even though they are the same length. Is there anything I can do?

by The Chartered Surveyor

Question

My co-freeholder does not wish for us both to extend our leases for no premium even though they are the same length. She says she has no interest in ever extending hers and thus wants me to get my own valuation which is clearly unnecessarily costly. What can I do in this situation?

Answer

Unfortunately whilst in the vast majority of instances leaseholders with a share of cover) it can take only one to make this unworkable.

In some cases the rebellious leaseholder will have a flat that is smaller and less valuable than the other flats in the block, and feels they can make a profit out of everyone paying everyone else to extend their leases. In reality the professional fees in this approach render the theory useless let alone any considerations relating to the time and stress of such a long and drawn out process.

In your instance if your neighbour can insist on you getting your own valuation and can also insist on you serving a formal notice. Whilst this is annoying at this moment in time if she ever wishes to extend in the future (or any other owner of that property for that matter) you are almost certain to be better off overall financially and can realise a healthy profit with their lease being shorter and property values likely to be higher.