Do you own your property leasehold?
Are you interested in extending your lease?
If you own your house or flat on a leasehold basis, are you aware that there is legislation which gives you the right to extend your lease term and potentially increase the value of your property? This is a complex area and it is essential to instruct competent and experienced solicitors and chartered surveyors to represent your best interests.
Benefits of a Lease Extension:
• Your lease is a wasting asset – your flat is therefore gradually decreasing in value. The shorter the remaining lease term becomes the less it is worth. As a consequence your lease extension will become more expensive over time.
• A short lease is generally more difficult to sell. Many people are suspicious of leases of less than 90 years.
• Mortgages are harder and often impossible to obtain on properties with less than 65 years remaining. This will mean that you are forced to sell to either an investor/developer or a cash buyer. Consequently you will potentially obtain a lower price for your property.
Many flat owners have the right to extend their leases for additional 90 years at nil ground rent under the terms of legislation.
Before you consider disposing of a short lease at a discounted figure to an investor/developer or cash buyer, please get in contact with us and we can discuss the options and likely cost of an extension.
Eighty years is a particularly significant lease length as once the lease slips below the 80-year mark the cost of a lease extension will increase significantly. Putting off applying for a lease extension will simply have the effect of increasing the cost of any eventual extension premium.
We have worked in this area for many years and are experienced in giving advice with regard to leasehold extension work and work closely in conjunction with experienced solicitors in order to bring negotiations to a successful conclusion.
Please do not hesitate to contact us if you would like to discuss further.