The lease extension process is challenging, with plenty of scope for error that can allow a challenge from a freeholder unwilling to co-operate with the request.
The lease extension specialists at South East Leasehold have handled hundreds of lease extensions, helping leaseholders to extend their lease and secure the long-term value of their property.
Call us for advice on;
- Informal vs formal lease extensions: what are the pros and cons of each?
- What is the lease extension premium and how can you keep it to a minimum?
- How can you deal with a short lease if you are selling your property?
- How do we deal with a difficult or reluctant freeholder?
- Multiple extensions – how to deal with lease extensions when the leaseholders own
the freehold.
For many leaseholders, the problem of a lease extension will not raise its head until they consider selling their flat. The number of years left on a lease is crucial when it comes to re-mortgaging or selling your property, as any potential buyer will struggle to secure a mortgage on a diminishing lease.
At South East Leasehold we are seeing mortgage lenders consistently increasing their minimum lease term requirements to 85 or 90 years. Three or four years ago, the standard requirement was 70 years; prior to that it was 50 or 55 years, based on the mortgage term plus 25 years. And that was if the lender considered it all! Whether you are considering selling your apartment now or in a few years’ time, it is vital to factor in a lease extension to avoid your property from potentially plummeting in value.
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