Leasehold Extension Valuations/ (Leasehold Enfranchisement)
If you have a lease on a Residential property, you will only have it for a fixed period of time. The lease will tell you how many years you will own the property in effect. Ownership of the property returns to the Landlord when the lease comes to an end. Most flats are Leasehold. Houses can be Leasehold too.
You can ask the Landlord to extend your lease at any time. You may be able to extend your lease by:
• 90 years on a flat (If you qualify)
• 50 years on a house (If you qualify)
It is widely acknowledged that Mortgage Lenders look unfavourably at property with a lease unexpired of less than 75 years, and in some cases of less than 85 years unexpired. This can mean that at the point of a sale, the mortgage lender will put onus on the seller to get an extension of the lease prior to exchange of contracts and in some cases this has been known to take some time.
Due to the significant number of properties that are Leasehold, it is important that you appoint a competent Chartered Surveyor to provide you with an accurate calculation which can be provided by ourselves from a visit to the property.
So if you are concerned about the length of your lease and are considering the possibility of extending you lease, then please call us today or complete our online form so we can assist you in this matter.
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