If you’re wanting to apply for lease extensions in Southend, it’s important to be aware of the law surrounding it. It can be a complicated area of law to understand so getting specialist advice from BTMK solicitors is paramount.
If you own a leasehold property, this means you don’t own the land it’s built on and instead have a legal agreement with the landlord or freeholder. The value of a leasehold property cango down as the lease decreases, meaning the shorter the lease, the less the property is worth.
If a lease is about to run out, it’s important to get a lease extension. If you don’t, you will no longer own the property as the ownership will revert to the landlord. Usually a lease of at least 90 years is seen as safe and anything under 80 years can begin to decrease in value, meaning mortgage lenders are less likely to offer a loan on the property or may offer less attractive terms.
If you are looking to extend your lease, be prepared for a long process. The freeholder may argue over the amount the lease is valued at, so getting a specialist team to negotiate is vital. The solicitors at BTMK have the expertise in negotiating lead extensions in Southend.
You can be eligible for a statutory lease extension to increase the length of your lease, but only if you meet the following criteria:
However, this isn’t an option for leases that are for business or commercial properties. A completely separate procedure applies to commercial property and we can help to advise on this too.
Getting a lease extension is a complex task and the law and procedure is very technical so it’s crucial to get professional advice at the beginning of the process due to the law setting out what needs to be included in the valuation process.
When you make your offer, you will then have to cover the landlord’s costs, so it’s important to make sure the extension valuation is correct from the beginning. Getting specialists involved as early as possible is therefore crucial.
BTMK solicitors are experts in negotiating lease extensions in Southend. Allow us to start the legal process and negotiate all the way through until you can secure your new lease terms.
"*" indicates required fields