Lease Extension – what’s it all about?

10:05 09 September in News & Case Studies
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Lease Extension

If you are a leasehold flat owner, there is legislation which gives you the right to extend your lease.

The value of your flat will be significantly increased by a lease extension. However it involves a complex area of law and you must have the correct professional valuation and legal advice.

 

Lease Extension- How do I benefit

  • Your lease is gradually losing value. The shorter any remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive.
  • A short lease is usually more difficult to sell. Many purchasers are simply reluctant to purchase short lease flats.
  • Mortgages are harder to obtain on shorter leases. Some lenders simply refuse a mortgage on low term lease.
  • Many tenants have the right to extend their lease by an additional 90 years under the 1993 Leasehold Reform Act.
  • A leasehold property extension is something you really need to think about if your lease has between 70 and 90 years remaining. In particular once the remaining lease term slips under 80 years, the cost of any extension increases significantly.

 

At South East Leasehold we understand lease extensions – with over 100 combined years experience in representing many freeholders and thousands of leaseholders across London and the South East.

 

  • Our team provides FREE initial telephone advice
  • Please see our calculator for how much the lease extension will cost https://www.lease-extension.co.uk/lease-extension/#calc
  • Our solicitors and surveyors can assist you either without the need for a face to face meeting by taking instructions by e-mail and phone.
  • We can handle the process from beginning to end all in hoyuse and all under one roof.

 

When considering a leasehold property extension, the first thing you need to do is appoint a specialist valuer and solicitor to help you with the valuation and legal aspects, which can be complicated.

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