Professional Services FAQs
Should I extend my lease?
A property with a short lease is harder to sell. Also it is worth bearing in mind that mortgage companies are less inclined to approve mortgages for properties with leases of less than 70 years. We also recommended that you have your lease extended before it falls below the 80 year threshold where marriage value becomes applicable and makes the cost of lease extension substantially higher.
How much does this cost?
Depending on the length remaining on your lease, the value of your flat and ground rent payable to the freeholder your lease extension could cost between £500 and £50,000 plus (exclusive of surveyors fees). Contact us today on 020 8948 1122 for an informal discussion.
What are the benefits of purchasing the freehold of my development?
By collectively owning the freehold of your property you are in full control of the management and day to day running. With this control comes a great responsibility and you may need to hire the services of a managing agent to help you adhere to all the current legislation. You are then able to extend your lease, adding to the saleability of your property and no longer have to pay ground rent to your landlord.
