Where you have owned your property for at least a number of years and your lease was originally granted for a certain number of years (i.e 30 years or more), you will have the right to buy an extension of your lease. Typically leases tend to be for 99 years or 125. This can vary depending upon the type of property and term of lease.
If you are in the process of selling or thinking of selling your leasehold property which has a relatively short lease this will affect the sale value. If this is the case then, you may wish to consider extending the lease sooner. At HB 121 Solicitors we as conveyancer and property lawyer firm can help in all sorts of ways to walk you through this.
Any purchaser buying a leasehold property should verify the length of the remaining term of the lease as most mortgage lenders |(if not all) will require that the remaining lease term is of a required minimum length (usually 70 years) before they will lend money on a property.
The premium that you will have to pay to extend the lease depends on a number of points. Some of these are as follows:
The calculation are carried out by a specialist valuer/surveyor who is experienced in this kind of work.
Once the formal lease extension process has been initiated the surveyor will also be able to negotiate the premium that is paid with the representative of the landlord
For more information contact us at 7 Church Street, Kidderminster, DY10 2AD (Tel No 01562 702655 or email info@hb121solicitors.co.uk.
At HB 121 Solicitors, we have a team of experienced
If you need any advice or assistant in Property matters, please contact us on 01562 702655 or email at info@hb121solicitors.co.uk
