Leasehold Extensions Eastbourne
Eastbourne is home to a wide variety of leasehold properties in all areas of the town, mostly in the form of flats, and if you own a leasehold property you may be considering extending this lease in order to boost the value of your house to obtain a larger mortgage or to increase the selling price. It is extremely important that you follow the correct procedure when you want to extend your lease to ensure that everything runs smoothly, which is why it can be useful to enlist the services of South East Leasehold to help you with your lease extension for your Eastbourne property.
In a nutshell, a leasehold property is one where you own a property on land owned by another person. For example, if you live in a block of flats, you will own the flat you live in itself, but the land the flats are built on will be owned by a landlord. The lease is then the money you pay the landlord in order to live on his or her land, and you will also contribute to the running and maintenance of the building, the cost of which is split between all of the owners of properties in that building.
Extending a lease is an important way to maintain the value of your property. If your lease drops below 70 years, it can gradually diminish the amount your house is worth over time, which means that you could get significantly less than your house could be worth when it comes to selling. The longer you wait to extend your lease, the more expensive it becomes, so extending it when there is still a reasonable amount of time left is far more practical.
The main reason most people opt to extend their lease is to enable them to apply for a bigger mortgage or to ensure they get the full value of their property when they sell, as buyers are unlikely to pay anything close to the full value of a leasehold property with less than 70 years left on its lease. This is obviously not ideal for you as a seller, and talking to South East Leasehold can help you get the full value of your property when you put it on the market.
If you are looking to extend your lease you will either need to reach a private agreement with the freeholder or serve the freeholder with a Section 42 Notice who will have 2 months to respond with a Section 45 Notice.
If you live in Eastbourne and want to find out more about the services we can offer to help you extend your lease, please contact us today to discuss your requirements.