Leasehold Extensions Hove
There are a vast number of leasehold properties to be found in Hove, neighbouring Brighton and surrounding areas in Sussex and the South East generally, and many of these property owners may be finding that their leases are running out or will be within the next few years. It is important that you keep your lease extended if you are thinking about selling up, as this will keep the value of your property up so that you don’t lose out on thousands of pounds.
The lease extension process can be confusing if you’ve never done it before, and it’s important that you do it all properly so that you can get the ball rolling in the selling process. If you want a quick sale, you don’t want to be stalling the process by failing to extend your lease within your preferred time frame, so you should enlist the services of leasehold extension experts such as South East Leasehold to help you extend your lease.
A leasehold property is essentially a property you own that is part of a building, or possibly an estate, owned by a landlord. For example, if you live in a flat in Hove, you probably live in a leasehold property, where you own your flat and a landlord owns the building itself and is responsible for the maintenance and upkeep of the building. A lease is basically the money you pay to your landlord to continue living on their land in your property, and you will pay a fee towards the upkeep of the building which everyone else will also be expected to pay.
Why you should extend your lease
The main reason most people extend their lease is to boost the value of their property when they want to sell. This is because when a lease drops below 70 years, this is generally considered to be below the average lifespan, meaning that anyone buying won’t be able to live in the property securely for their entire life if they so choose without having to extend the lease themselves, so it is better to extend it before it reaches this level. The longer you leave it to extend your lease, the more expensive it becomes, so catch it early for the best rates.
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 a leasehold property in Hove and need to extend your lease to sell up or for any other reason, please contact South East Leasehold today to discuss your requirements.