If the lease has an unexpired term remaining of 80 years or less you are strongly advised to extend the lease immediately.
A lease with 80 years or less left to run is liable to an additional valuation called marriage value. This is a further amount the tenant is required to pay in addition to the premium to extend the lease and in some cases can increase the price payable to extend the lease substantially. Further, mortgages can be difficult to obtain if the lease has less than about 60 years to run. This is also likely to put off potential buyers.
Why use Setfords for your lease extension?
- Fast efficient service
- Response within 60 minutes during working hours
- Fixed fees for lease extensions
- Reduced fixed fee where we are instructed by more than one leaseholder in the same freehold/block
Do I qualify?
- The original lease must have been granted for a term exceeding 21 years
- The leaseholder/tenant must have been registered as owner of the property for at least 2 years (they do not have to be in occupation)
- If you satisfy the qualifying criteria then a notice can be served on your landlord/the freeholder, requesting a new lease
- If the parties are unable to agree a premium to extend the lease then the leaseholder can make an application to the First Tier Tribunal (Property Chamber) for a decision. This application must be made within six months of the date of the the Landlord’s Counter-Notice
If you’d like a quote or are unsure whether you qualify, speak to our expert property litigators by completing the form below and one of our team will give you a call back to discuss your requirements.Enquire today