As the term of your Lease decreases over the years, this can affect the value of your property and your or a prospective Buyer’s ability to obtain a mortgage.
If you ignore this issue until you intend to sell or mortgage your property, this will delay your plans.
If you own a Leasehold house, you may qualify to purchase the freehold interest or extend the Lease on a statutory basis. Similarly, with a flat, provided certain conditions are met you may also be able to extend your Lease to add a further 90 years to the term with a nominal, “peppercorn” ground rent. The amount of premium or payment to your Freeholder for dealing with this is governed by Statute, as is the procedure which must be strictly adhered to.
We can help with this, by guiding you through the process and working closely with your appointed surveyor.
We can also act on your behalf in relation to non-statutory Lease extensions or freehold acquisitions where the terms are agreed on an, ”open market” basis.
Our team also has experience in acting for both Tenants and Freeholders in group transactions involving Lease extensions by Tenants who band together to collectively enfranchise or to take over the management of the buildings and grounds of which their properties form part.
Our property lawyers based in Penarth will guide you through the process using plain English.
Please feel free to contact us for further details and no obligation quote