A Lease Extension Costs How Much?

You will see if you search on the internet free online calculators which help you work out how much your lease extension will cost you. However, these are not always the most reliable tools to work from as each individual lease extension involves different factors which affect cost. They are nonetheless a good starting point for a generic lease extension.

The cost of a leasehold extension is composed of 3 separate parts. The first and second aspects rely on exactly what the landlord demands as they are dependent on the compensation you will have to pay. The compensation is made from two different amounts, firstly the amount of money the landlord will lose by not having access to his freehold interest and secondly the loss of ground rent he will also suffer.

You must also be aware that any lease which has less than 80 years left to run will incur the additional charge of ‘marriage value’. This will make your lease extension a lot more expensive, the amount is worked out using the value of your property pre-extension and how much it is worth afterwards, it works out the loss the landlord is suffering due to losing his freehold interest. This marriage value can have a serious effect on the cost of an extension and can make it a lot more expensive. This additional money often puts leaseholders off from getting an extension.

Therefore in knowing this information you can see that if your lease has 30 or 40 years left to run it is going to cost this additional marriage value and therefore be quite costly. However around 60 years plus the cost will be more reasonable and 80 years plus quite low. The longer the lease you currently have the cheaper your extension will be.

On top of these costs you will also have to fund a valuer (or surveyor) to evaluate your lease in order to get a figure for the landlord’s compensation. On top of this you will need to seek advice from a specialist lawyer, which will cost you legal fees. You must however make sure that you are appointing a lease extension specialist as most everyday solicitors will not have the right sort of experience. You are also responsible for the landlord’s legal costs. So although the compensation amount is really key, you must be aware of all these additional costs so that you remain on top of how much the process is really going to cost you.

Are You Overlooking This Source of Sustainable Living Information? Cooperative Extension

It is often hard to find reliable information trying to live a greener or more sustainable life style. There is a lot of misinformation floating out there, whether it is marketing misrepresentation or notions based on unproven folklore.

Many questions arise when one is growing and preserving their own food. What grows well in my area? How do I safely preserve what I grow? Is there an organic control for what is eating my zucchini? Where can one go to for help?

My suggestion is to start with your local cooperative extension office.

Extension services are not just for big farmers anymore and dismiss those visions of TV’s Green Acres’ Hank Kimball.

The dedicated staff and volunteers of your extension office is ready to provide you with current, research-based information covering a broad range of fields.

Extension – high quality, in-depth knowledge

The charter of extension is to transfer knowledge gained through university research and development to the general public. Information is peer-reviewed and scientifically based. The benefit is you are getting information not biased by marketing hype or commercial interests.

Extension offices are local. Staff and volunteers are acquainted to issues which may be unique to your area. What grows well in Seattle is different from what grows in Phoenix. Safely canning green beans in Boulder is not the same as canning in Miami.

Local should not be considered limited. Your local office is part of a nationwide network of other offices and university institutions. If you have a question, there is an expert somewhere that has insight.

In addition to the traditional agricultural research and education, extension provides communities with information through diverse programs as:

  • Managing natural resources
  • Home gardening and horticulture
  • Family and consumer sciences
  • Nutrition and food safety
  • Community and economic development
  • 4-H Youth programs
  • Leadership and volunteer programs

Many county extension offices are closing or consolidating due to budget pressures. Ironically, the number and variety of programs are increasing. For example, Colorado just initiated the “Colorado Energy Master” program to train volunteers to provide citizens information about energy efficiency and renewable energy.

Extension History

Extension has evolved over the last century, adapting to the changing needs of U.S citizens in both rural and urban areas.

The Morrill Act of 1862 established land-grant universities; institutions of higher learning for agriculture, home economics, engineering, and other practical professions. In 1914, the Smith-Lever Act formally established Extension as a partnership between agricultural colleges and the U.S. Department of agriculture. The mandate of this cooperative agricultural extension work was to 1) develop practical applications from research and 2) spread the results of research, techniques and technology to the American farmers.

Extension services played a key role in helping farmers better feed the nation during both World Wars. During the Great Depression, the focus of state colleges and the USDA changed to reach individual farmers through local extension offices, typically at the county level. Extension agents helped farmers organize cooperatives and marketing in addition to agricultural techniques. In addition, extension home economists were teaching good nutrition, preserving food, home gardening, poultry production, sewing and other skills; skills essential for many families to sustain themselves through that difficult time.

Today’s urban homesteaders and home-owners are rediscovering these same skills. There is something appealing about the practical way our rural great-grandparents did things. Extension is a good source for learning which of the old ways worked and the modern alternatives to less effective techniques.

Accessing Extension resources

An impressive cooperative extension resource is the website http://www.extension.org/. This site is a collaborative effort of some 42 universities and their extensions. It is organized by Resource Areas maintained by “Communities of Practice” – contributing researchers and instructors in focused field. Resource Areas include gardening, organic agriculture, food safety, even personal finance and community planning.

There is also your local cooperative extension office. Local extension agents and volunteers have unique knowledge specific to your location. Contact information for your local office is typically listed under county government or search with key words “extension” and the name of your county.

Conclusion

Whether you are a master of sustainable living, budding urban homesteader, a homeowner with a plant problem, or just curious, cooperative extension services provide a lot of information and support for you and your community.

Getting A Second Extension to File 2004 Taxes

Millions of people file tax return extensions every year. The tax filing deadlines can rush up on your quickly. Fortunately, filing an extension isn’t particularly difficult. For individuals, there are two available extensions.

Automatic Extension

What do you do if April 15th is approaching and you simply can’t get your taxes done? The IRS allows you to file a request for a four-month extension to file your tax returns. Simply file form 4868 and you will automatically be given until August 15th to get your return in.

Second Extension

What do you do if August 15th is quickly approaching and you still can’t get your returns together? You can file an additional request for an extension to file your tax returns. Unfortunately, the IRS isn’t going to automatically grant your request. Instead, you have to show the following:

1. The reason for requesting the extension,

2. The particular tax return for which the extension of time to file is desired,

3. The tax year to which the extension applies,

4. The length of time needed for the extension, and

5. Whether another extension of time to file has already been granted for this tax year.

If you can provide credible information, the IRS will grant you an additional extension for two months. To request the extension, you must file form 2688.

Failing To File

Failing to file a tax return or application for extension is a bad move. Penalties can be as high as 5% for each month your return is late. The penalty does max out at 25% of the tax due, but your risk of an audit or having your return red flagged increases dramatically. Filing a tax return extension is fairly simple, so you should never have this problem.