Leasehold Extensions Worthing
Worthing is a town found a short way along the coast from Brighton in West Sussex, and is full of leasehold properties. If you own a leasehold property, which may be a flat or in some cases, a house on a certain type of estate, it is important that you keep the lease extended. If there isn’t long left on your lease, it can severely impact on the value of your property’s value, which is obviously not ideal if you’re looking to sell up. South East Leasehold are happy to help customers in Worthing and the surrounding areas with their lease extensions to make the whole process easier and less stressful.
A leasehold property is essentially a property whereby the building itself – for example, a block of flats – is owned by a landlord, and that landlord sells individual components, i.e. the flats, to other buyers. Therefore, while the landlord will own the building as a whole, they will not own the flats themselves unless the lease runs out, in which case the flat becomes theirs again. That is why it is important to keep your lease extended, as the less time yours has left, the less secure your hold on the property becomes.
Generally, when a lease drops below 70 years, it becomes harder to obtain a mortgage based on your current property, and the value of the property as a whole will decrease. The objective is to get your lease to a level where it reflects a normal lifespan, so leases exceeding 90 years are the most desirable. Buyers are more likely to pay the asking price for a property with many years left on its lease as this is something they won’t have to stress over themselves, so checking how many years are left on your lease before you sell could make you thousands in the long run.
The longer you leave the lease extension process, the more expensive it becomes, so it is better to catch it early and extend your lease before it becomes too pricey. Selling up tends to be the most common reason people extend their leases, so having South East Leasehold to help you through the process during this stressful time can be incredibly helpful.
We have a regional office in Worthing, meaning we are ideally placed to help people with leasehold properties in Worthing to extend their leases. If you are interested in finding out more about how we can help you, please call South East Leasehold today for a chat with one of our friendly team.
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.