If you are planning to buy a leasehold property in Rayleigh, you should be made fully aware of what owning a leasehold property actually entails.
Alternatively, if you already own a leasehold property and want to apply for an extension of your lease, our specialist solicitors can guide you through the process of lease extensions in Rayleigh.
A leasehold property’s value will decrease over time. If the time on the lease expires, ownership of your property reverts back to your landlord.
A long term lease of 90 years or over is usually safe, however a lease of 80 years or less is more of a risk. Shorter lease terms will mean a drop in the valuation of the property, it may also be hard to find a mortgage lender willing to give you a loan and it will also cost more to extend the lease.
You may be able to apply for a statutory lease extension as long as you meet certain criteria, this criteria includes:
If you are thinking about getting a lease extension, it’s important to seek specialist advice as soon as possible, as it can be a lengthy and complex process. The legislation is technical and it requires the assistance of a valuer to provide guidance on the premium which should be paid. Alternatively if you’re a landlord and your tenant has served you with a Notice, we can help you to respond.
BTMK solicitors are experts when it comes to negotiating lease extensions in Rayleigh. Our specialist property lawyers will assist with the legal process by advising you, preparing your application and serving the Initial Notice.
We work with expert valuers that can provide a valuation that is up to date with current law. Once the valuation of the extension has been agreed, we can negotiate with the freeholder’s solicitors on the terms of the new lease. Alternatively, if you are a freeholder, we can make sure you get the best value possible for a lease extension.
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