A leasehold property extension can be a complex process which requires legal advicefrom specialist solicitors. Negotiations and the law surrounding it makes it a complicated area of law to go through without solicitors on hand, so if you are looking to apply for lease extensions in Leigh-on-Sea, make sure to get in touch with the BTMK team at the beginning of the process.
Owning a leasehold property means you don’t own the land it’s built on, it instead belongs to the landlord or freeholder. As the leasehold period (the lease) decreases, the value of the property decreases too so if you’re wanting to sell your leasehold property, extending your lease can make a property more attractive to potential buyers and it will maintain your property’s value.
For a lease to be considered ‘safe’ it should be at least 90 years and anything under 80 will start to impact upon the property value. It’s key to apply for lease extensions in Leigh-on-Sea to avoid mortgage lenders rejecting applicants because the lease is too short.
Applying for a lease extension can be a drawn-out process, especially if the freeholder decides to argue over the lease valuation. This is why it’s important get have specialists onboard sooner rather than later.
A statutory lease extension could be an option for you to increase the length of your lease if you meet the criteria:
This isn’t available for business or commercial property leases – where different provisions will apply. We can advise you on these too with our commercial lease specialists.
The team at BTMK are specialists in negotiating lease extensions. Here is a rundown of how the process works:
BTMK has a team of expert solicitors who have a wealth of knowledge and experience negotiating lease extensions in Leigh-on-Sea. Get in touch today with any lease extension enquiries you may have.
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