Why should I extend my lease or buy my freehold?
A lease is a depreciating asset depending on the remaining lease length, and buying the extension on the lease will immediately stop this depreciation. It will also enhance the value of the flat, depending on the current length of the lease.
When should I extend my lease or buy my freehold?
We believe a lease above 90 years remaining is satisfactory and anything less than this should be extended to protect the value of the flat. Certainly if your lease is dropping down to 80 years you must extend the lease before it drops below 80 years. The shorter the lease the more expensive it will be to extend.
Why do I need a solicitor?
A solicitor is required to deal with the statutory notices required by the legislation and to agree and formalise the new documentation.
What am I entitled to receive if I make a lease extension application to the freeholder?
A leaseholder is entitled to a new lease on the same terms as the existing lease (although the freeholder is entitled to bring the lease up to modern standards). The new lease will be for an additional 90 year term on the existing lease. The ground rent will be reduced to £0 for the remainder of the existing current lease and for the new 90 year period.
How is the price calculated?
The price is made up of the following components:
- Capitalisation of the ground rent
- Loss of the freeholder’s reversionary interest at the expiry of the existing lease
- Marriage value arising from the uplift in value of the flat
Why should I ask you to help me?
We are lease extension and freehold enfranchisement specialists – this is what we do. We are qualified Chartered Surveyors and have been involved in lease extension and collective enfranchisement cases for twenty years, in fact since just after the 1993 Act which gave leaseholders these new rights came into effect.
We are based in Central London and have close contacts with many of the firms of solicitors who also specialise in this work.
You have our assurance we will help you every step of the way, from providing accurate valuation advice at the outset and then negotiating for you. We will work closely with your chosen solicitor and achieve for you the best possible result.