As a residential property owner, the probability is that you have the right to extend your lease by 90 years.
It is important to consider obtaining an extension because as your lease gets shorter the value of your property will go down compared to a similar property which has a longer lease. This decrease in value is much less evident in the early years, but as your lease reaches the point at which there is less than 80 years remaining, the real problems start. It is at this point that the property value starts to reduce, and it gradually becomes less marketable. This is because the cost of purchasing a lease extension becomes greater, the property will have less appeal to buyers, and mortgage lenders are increasingly unwilling to lend on properties with short leases.
By opting for an extension of a lease, you turn round this reduction in value and the property will become marketable once again and will be far more likely to obtain its true market value.
We provide an efficient and experienced service for lease extensions, helping you to effectively process an agreed extension or negotiate with the freeholder whilst at the same time following the requisite statutory procedure.
