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If you already own or are considering purchasing a property that is leasehold, you may need to look at extending the lease at some point. Buying a leasehold property means that you’re purchasing the right to live in the home for a period of time rather than owning the land itself, as is the case with freehold properties. Leasehold is most common with flats or apartments, but some houses are also leasehold. With London having a very high proportion of residents living in flats in comparison with other areas of the country, many London home buyers will come across the possibility of purchasing a leasehold property and will want expert advice on extending their lease.
With leasehold properties, the shorter the lease, the more the value of the home is affected, as many mortgage lenders will not lend on a property with a short lease, which is usually anything under around 75-85 years. Most leasehold flats have a maximum lease length of between 99 years – 125 years, so if yours is approaching or under the lower threshold, you may want to look at lease extension in London.
Get in touch with our specialist lease extension solicitors to find out more by calling 0161 696 6187.
If you want to find out the potential costs involved, one of our specialist lease extension lawyers in London can talk you through the likely costs of the lease extension itself, plus any associated legal fees, including those of the freeholder, which you will also be responsible for.
The cost of extending the lease will depend on factors including the property value, the number of years left on the lease and the amount of ground rent due each year. The cost can sometimes be negotiated, which is where the help of an experienced lease extension lawyer can be very beneficial.
The property will usually need to be assessed by a lease extension surveyor in London, and this will result in an up-to-date lease extension valuation for the London property being calculated.
Once the cost of extending the lease has been agreed between the leaseholder and the freeholder, the lease extension solicitors, whether in central, south, east, west or north London, will ensure that the transaction meets all of the necessary legal requirements. The process can take anywhere from a few weeks to several months to complete, depending on the complexity of the situation.
Stephensons have a highly experienced conveyancing and lease extension team, helping people to successfully extend their property’s lease whether it’s done in preparation for the sale or remortgage of the home or for the leaseholder’s peace of mind for the future.
With a proven track record of helping many leaseholders with what can be a daunting and complex process, we offer specialist legal support you can trust.
Get in touch to find out more by calling 0161 696 6187.
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