Lease Extension “Flat owners, how to preserve your investment”
A flat with less than 80 years to run on its lease will be difficult to sell. The main reason is that solicitors warn potential buyers not to purchase flats on short leases – for example leases less than 80 years – and some mortgage lenders may also not provide a mortgage on short on leases. We recommend extending the lease, thanks to the provisions of the Leasehold Reform (Housing & Urban Development) Act 1993.
This Act provides the right to extend the lease by 90 years at a peppercorn rent which the freeholder has to grant subject to a premium for extending the lease.
As a general rule, the shorter the time remaining on your Lease, the more expensive it will be to extend. We at ACL Chartered Surveyors will provide you with a professional valuation report including our assessment of the premium you will need to pay the landlord to extend the lease.
Our service includes;
Reading your lease.
Inspecting your property for valuation purposes.
Providing you with a lease extension valuation report.
Advice on the lease extension process.
Please contact our surveyor Mr A Aladese B.Sc. MRICS who specialises in lease extension valuations direct on 07966 364 237.