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A qualified and experienced valuer will be able to give advice and negotiate between both parties over the required premium.
When you have owned your property for two years you are, in most circumstances, legally allowed to extend your lease by 90 years and to also reduce your ground rent.
If the landlord refuses the lease extension or sets unfavourable terms then you are able to take the matter to tribunal. We are experts at negotiations and are able to prepare and represent you at tribunals to give you the best change of reaching your objective.
It is best to extend your lease when it has more than 80 years left. Costs go up when the lease has less than 80 years left. Extending a short lease also makes it easier to sell your property and gives it a greater value.
The leasehold tenants of a house have a legal right to buy the freehold given in The Leasehold Reform Act, 1967. Subject to qualification.
Enfranchisement is the legal right of a lessee to buy the freehold of their property.
Owning the freehold is most likely to increase the value of your home. The amount of this increase will vary depending on circumstances. We can advise if freehold purchasing is right for your situation.
When purchasing a leasehold flat there are a number of things you need to know.
Firstly how long is the existing lease. As you have to wait two years when you buy a lease to extend it yourself it is important to ensure it is not going to drop below the all important 80 year mark in that time. If it is you can ask the seller to serve a Section 42 Notice so that the lease can be extended.
Other important issues are the ground rent, is it sensible, will it rise quickly or to a high level where mortgage lenders will refuse to lend.
Service charges should also be checked to ensure they are at a level you are happy to pay.
If you would like to find out how we can help with extending the lease please contact us by phone, email or through the website.