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Tuesday, June 18, 2024

Get Estimates for Residential Lease Extension

Are you the Lessee of a residential property?  Or are you planning buy or sell a residential leasehold property?  If yes, then expert property advice should be taken to look into the value of the property.  Consideration needs to be given to the amount fo time left on the Lease, if the property is vacant, the ground rent as well as the Service Charge.

Leasehold lengths can seem as though they are for a very long term, and the issue does not seem to be investigated, or at least not at this point in time.  However it is important to keep an eye on the Lease length, and particular care needs to be taken if the Lease length is about to go lower than 80 years in length.  If the Lease has less than 80 years to go, then at this point, the cost of Lease extension can increase.

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Filling in the form above will give you a set of contact details from Surveyors who specialise in Leasehold Enfranchisement.  You will be able to make direct contact with the experts to discuss your requirement in more detail.  Before appointing a supplier and placing an order you should ensure yourself that your chosen supplier  has the relevant qualifications, licences, experience and insurance to provide the level of service that you require.  There is of course no obligation to use any of the property experts that you have been introduced to.

Further issues include that if the length of the Lease remaining is short, then it may become harder to sell the property, or get a bank to provide a mortgage on it.

The solution open to you is to approach the freeholder and request that the Lease length be extended.  It is possible to extend the Lease of your property by virtue of the Leasehold and Commonhold Act of 1993.  The extension is up to 90 years.  This process is called Leasehold Enfranchisement.  This process will mean the Landlord will be entitled to compensation, as they will not get their property back for the extended period of time, and miss out on the increased ground rent.  It would be advisable to speak to a Chartered Surveyor who specializes in this type of valuation and negotiation before agreeing matters with the freeholders, as the valuation can be a complicated matter.

The main aspects to be considered when valuing to the figure to be paid to the freeholder are;

-     The Landlord will need to be compensated for the loss of ground rent, and the extension of time before they will get their asset back.

-     If indeed the Lease as less then 80 years to run, then 50% of the difference of the value of the existing Lease and the extended Lease.

-     Compensation for development value.

If you offer Advice over Leasehold Enfranchisement and you want to find out more about being listed on this website, please click here.

Residential lease Extension | Lease Enfranchisement | Leasehold Enfranchisement – London, UK

All of the above information is for guidance only, it is not to be considered property advice.  Contracts entered into are between the Client and the individual member firm. acts as the introducer only.

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