Lease Extensions - Free, Independent Advice
Do you own a leasehold property with a term of less than 100 years? This site is dedicated to residential lease extensions, specifically providing free information on how much you should be paying and the process you need to take to extend your lease.
Why extend your lease?
Residential leasehold properties are depreciating assets. The value of leaseholds diminish year on year, particularly when there is close to 80 years remaining. Leases with more than 120 years are relatively safe, as the depreciation each year is minimal, however the loss in value greatly increases as the term reaches less than 90 years. It's extremely important for any leaseholder to extend their lease before the term drops to below 80 years as, at this stage, the freeholder is entitled to charge an additional 'marriage value' which increases the premium substantially.
Who is entitled to extend their lease?
You must have owned the property for at least two years, or a previous owner (of at least two years) has assigned their rights over to you.
How much will it cost?
English law statutes specify a method for the calculation of the premium (the amount a leaseholder pays the freeholder). This involves a complex algorithm which compounds a number of formulas. Fortunately we are able to provide an online Lease Extension Calculator which uses this forumalas to provide accurate results..
How do I extend my lease?
You can agree a premium with the freeholder either formally (proceeding in line with the Act), or informally (negotiating with the freeholder without serving a notice).