|If Your Property Is Leasehold, How Long Is The Lease?|
|Simon Hanton of Willmotts gives some good advice on lease extensions
You may be aware that you are entitled to force the landlord to sell you a lease extension but the shorter your lease the more it will cost and the price rises sharply when the lease remaining falls below 80 years. Many mortgage lenders will not finance purchasers of short leases and you may therefore find it difficult to sell. It is relatively easy to extend you lease by 90 years with no ground rent payable in the future.
The advice is always to extend your lease sooner rather than later. The costs rise as time passes, property prices rise and the lease gets shorter.
Willmotts can help with this process and our valuation team are highly experienced dealing with large numbers of lease extensions in Prime Central London and in the suburbs. It is a specialist area and good quality advice which is essential can only be obtained from a valuer experienced in the field and supported by lawyers familiar with process.
BSc (Estate Management), FRICS
May 15, 2015