Leasehold residential property brings with it it’s own unique difficulties and understandably people only consider extending their lease when they come to sell their property or re-mortgage. However, under the Leasehold Reform, Housing and Urban Development Act 1993, qualifying Leaseholders have the right to increase their lease by 90 years (on top of the remaining lease term). We would therefore advise all leaseholders to consider an extension of their lease at the earliest opportunity as the shorter the lease the more costly the extension will be.
Leases with less than 80 years remaining warrant particular attention.
Our team will work with you to maximise your property asset and will guide you step by step through the lease extension process:
- Providing an initial assessment including a ‘best and worst’ case premium assessment, setting your expectations as to the possible outcome of the negotiations;
- Advising you on procedures and processes and how to make a claim either formally or informally;
- Handling negotiations (if required), dealing with any disputes and agreeing settlement of the price and other terms of the lease;
- Guiding you through the tribunal process should it be necessary.
So whether you are a landlord or a tenant our friendly professional team would welcome the opportunity to advise you. For help and advice regarding the lease on your residential property please contact our team.
Brasier Freeth LLP are members of ALEP – Association of Leasehold Enfranchisement Practitioners.