LEASE EXTENSIONS – CALLING ALL LEASEHOLDERS
Do you own a leasehold property?
Are you thinking of selling?
You may wish to consider extending the term of your lease; longer lease terms are more attractive to prospective purchasers and their mortgage lenders.
If you have owned your property for over two years it is likely that you will have a statutory right to a lease extension of 90 years on top of the existing lease term, with the ground rent to be revised downwards to a peppercorn.
We can provide detailed advice on procedure and cost and are able to steer you through the process allowing you to enhance the re-sale value of your property. It is particularly important to act swiftly if your lease length is due to fall below 80 years as the cost to extend will increase significantly once this threshold is passed. Lease extensions can sometimes be particularly complex and time consuming, we would suggest early instruction so your property’s sale can proceed as smoothly as possible.
Please contact Elizabeth Cobb for full details