When did you last check how much time is remaining on the lease of your flat? Did you know that many mortgage lenders will refuse to lend if they consider the lease is too short? In some cases this is 85 years, but the shorter the lease becomes, the fewer mortgage lenders will be willing to lend. This will affect the value of your flat and your ability to sell.
Once the remaining term drops below 80 years, the price you have to pay to extend the lease of your flat will start to rise more sharply. Extending your lease before it drops below 80 years is likely to be cheaper, but you can acquire a lease extension no matter how short your lease has become.
Extending your lease not only preserves the value of your flat, but it ensures that you can sell it quickly and smoothly when the time comes. Legislation gives you the right to extend your lease by 90 years.
Exercising your right to a lease extension is a technical procedure with traps for the unwary. By choosing BLB you will:
- use experienced lawyers who will ensure you avoid the pitfalls;
- maximise your chances of getting the best deal;
- be kept informed throughout the process.
We work with a network of specialist surveyors who are well versed in the legislation. It is important to use the right surveyor who understands how best to calculate the price (known as the premium) that you have to pay for the lease extension, and importantly to represent you in the negotiations with your landlord.
What will it cost?
No lease extension is the same because lease wording and of course flat values vary greatly. It is not possible to predict how your landlord/freeholder will approach the claim, which can affect the amount of work involved and therefore your costs. Through our transparent pricing you will know from the outset what the likely costs will be, with costs projections should there be unforeseen complications.
In addition your landlord is entitled to be paid certain costs of responding to the process and we will guide you through this from an early stage.