Lease Extensions in Thorpe Bay

Applying for lease extensions in Thorpe Bay is a complex area of law, and one that requires specialist advice.

If you own a leasehold property, you own the property for the length of the lease. Unfortunately, a property’s value decreases as the term of the lease decreases.

With this in mind, the amount of time left on a lease affects both the value of your property and the willingness of mortgage lenders to lend against it.

However, a statutory lease extension allows you to apply for a statutory extension as long as you meet certain criteria. Statutory lease extensions do not apply to business or commercial leases.

If you’re looking to extend a lease the criteria includes the following:

• Having owned the property for at least two years
• The original lease being at least 21 years in length

When Do You Need a Lease Extension?

The value and sale potential of your property is directly linked to the length of your lease. In general, a lease of 100 years or longer is great. A 90-year lease is ok too, but if the lease reaches 80 years or less, you might find difficulties. Your property value can drop and mortgage companies are less willing to loan against it should you want to sell it. This can ultimately affect the value.

Getting Specialist, Professional Advice

If you are looking at lease extensions in Thorpe Bay, determining the value of the lease is a key but complex part of the process. The law sets out what must be included in the valuation process.

The Legal Process in Lease Extensions

Extending a lease can be challenging when a freeholder argues over the Premium which should be payable for the extension.

We are specialists in handling lease extensions in Thorpe Bay. This includes preparing your application, negotiating with the Freeholder’s solicitors to agree the terms of the new lease and dealing with the important legal requirements of purchasing the new lease.

We work with specialist valuers that deal with residential lease extension valuations on a daily basis, ensuring that we select someone who is able to support the valuation that they produce but also a valuation that is up to date with the current law and other comparable factors.

The process to secure a lease extension is highly technical and any application to the tribunal, if terms cannot be agreed between a Freeholder and a Long Lessee is both complex and can be expensive if not carried out correctly. The specialists at BTMK are here to help, we will guide you through the process from beginning to end and we will be certain to add value to your leasehold interest or, if you’re a freeholder, we will make sure that you secure the best value possible for the leasehold extension.