Page 819 - (A) Mammoth (998pp)

Dear Paul, Segar & Jamil,
66 Bedford Gardens
London W8 7EH Tel/Fax 020 7243 3515 Mobile 07850 100 247
Firstly, I just wanted to say that despite all the odds we now to seem to be in the happy position of owning the head lease of Mitre House, for better or for worse, and with a bit of luck we might even be able to do a better job in running the building! As Paul may have mentioned, I have already done some investigations on having an alternative company to run the building. I am now wondering if you have made any progress on your side on this matter?
Back five years ago, Paul and I attempted to extend our existing leases, but sadly all the work was left in standby and nothing concluded. Conclusion, today we are likely to pay the price by a few extra thousand pounds. I have therefore decided to go ahead with the extension of my lease before it rises any further, and wanted to know if you were still interested in doing so also.
In conjunction with Paul’s e-mail to us of 9th August, he has set out a few figures about the cost of extending our leases. So that you have an idea of costs, I can confirm that the figure of £53,000 is pretty realistic. I have done further research on this matter, and can add a few more details:
- I understand that the surveyor dealing with the extension would take 0.25% of the value of the flat plus the costs of his/her negotiation fees. These are approximately £285 per hour, and could take up to about 15 hours. (the skill of the surveyor is important relative to the negotiations with the freeholder, as it could result in a saving a few thousand pounds from the asking price for the extension).
- We would also be liable for the cost of the freeholder’s solicitors, and their own surveyors. Those figures are not always easy to estimate.
In order to move forward, and as Paul and I know how terribly frustrating it is when decisions are left hanging, I need to know where you stand by the end of the business day on Monday 19th September, after which I shall proceed by myself. I would appreciate if by this date you could put in writing your commitment if you want to come in with me on this.
Wishing you a good weekend, With best wishes,
Michele
9th September 2011