The lease extension process is challenging, with plenty of scope for error that can allow a challenge from a freeholder unwilling to co-operate with the request.
The lease extension specialists at Brady Solicitors have handled hundreds of lease extensions, helping leaseholders to extend their lease and secure the long-term value of their property.
Download your free Lease Extension Guide and get practical insights and advice on:
- What is the lease extension premium and how can you keep it to a minimum?
- Informal vs formal lease extensions: what are the pros and cons of each?
- How can you deal with a short lease if you are selling your property?
- How do we deal with a difficult or reluctant freeholder?
- Multiple extensions – how to deal with lease extensions when the leaseholders ownthe freehold.
For many leaseholders, the spectre of a lease extension will not raise its head until they consider selling their flat. The number of years left on a lease is crucial when it comes to re-mortgaging or selling your property, as any potential buyer will struggle to secure a mortgage on a diminishing lease.
At Brady Solicitors we are seeing mortgage lenders consistently increasing their minimum lease term requirements to 85 or 90 years. Three or four years ago, the standard requirement was 70 years; prior to that it was 50 or 55 years, based on the mortgage term plus 25 years. And that was if the lender considered it all! Whether you are considering selling your apartment now or in a few years’ time, it is vital to factor in a lease extension to avoid your property from potentially plummeting in value.
Download your free Guide to Lease Extensions and take the first step to securing the value in your leasehold property.