Lease Extensions Legal Advice
For some time now most residential flat owners have had the right to extend the term of their lease.
Although a series of legislative changes have done much to simplify as well as extend the right this area of law remains technical and complex,
The right to extend a lease can be a very valuable one, because extending the term of the lease can have a significant impact on the value of the property. When it comes to selling, a flat with a long lease can demand a higher price than a similar property in the same location with a short lease. As a rule of thumb leasehold flats with a lease of 83 years or less are likely to diminish in value with each year that passes. It is worth mentioning that some mortgage lenders set minimum requirements for the number of years left to run on a lease both at the beginning, and the end of the mortgage term.
Accordingly, the length of the lease offered on the sale of a flat can be a determining factor on whether a prospective buyer can proceed with your property or not.
Meaby & Co can assist with your lease extension, including legal advice on the qualifying criteria.
This is a very complex area of law, mainly because specific qualifying criteria must be met. So you’ll need specialist legal advice. We can help in the following ways:
- An initial consultation over the phone to discuss your individual circumstances
- Practical advice, as well as legal, on the best way to proceed
- We have contacts with surveyors and specialist counsel who can assist in your matter
- We have the ability to deal with transactions of any size from individual lease extension applications to large group freehold acquisitions
If you would like further information, please have a look at our guide to extending your lease or call us on 020 7703 5034 or email firstname.lastname@example.org.
If you would like further information please contact us on 02077035034 or email email@example.com