If you want to know more about lease extensions in Benfleet, our highly experienced and specialist solicitors at BTMK can offer professional legal advice for everything you need know about this complex and sometimes long drawn out process.
The property valuation will decrease on a leasehold property over time, as the time on the lease continues to run down. A lease of over 90 years is generally safe, but a lease with 80 years or less remaining will mean a drop in value. Mortgage companies will also be less willing to loan money for a shorter lease property. It may also be more expensive to get the lease extended.
If the lease runs out completely, ownership of the property reverts to the freeholder, also known as your landlord.
The law allows you a statutory lease extension as long as you meet certain criteria, this includes (but isn’t limited to)
It’s important to seek specialist advice from an experienced professional if you’re looking into lease extensions in Benfleet. Determining the correct extension valuation can be complex, it can also become a long process if the freeholder argues over the value of the lease. We work alongside a highly experienced valuer to produce a valuation that they can not only support, but is up to date with current laws and comparables.
BTMK’s specialist solicitors are experts when it comes to lease extension negotiations. We’ll prepare your application and serve the Initial Notice. Once the extension cost has been agreed, we can negotiate with the Freeholder’s solicitors to agree the terms of the new lease. We also deal with all the legal requirements involved in the purchase of a new lease.
Alternatively, we can also help freeholders with achieving the best possible value for the leasehold extension.
This is a highly technical area of legal practice and means you need a specialist team that understands this area of work to secure the outcome you require.
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