Typically leasehold properties, especially those built in the period from the 1950’s to the 1980’s, were sold on 99 year leases. As such, it is commonplace for a leaseholder to have less than 70 years left on their lease, and it is when there is less than 70 years remaining on the lease that mortgage companies become increasingly reluctant to grant mortgages. It is clear that the issue of a shortening lease can have a serious impact upon the value, saleability and ability to get a mortgage on your property.
There is, however, a solution and that is to extend the lease of your flat or purchase the freehold of your house …….NOW, as the shorter the lease, the less it is worth and the more it costs to extend or purchase.
There are certain qualifying criteria which need to be satisfied in order to buy your freehold, or extend your lease. We can check that you meet these criteria and do not overpay to buy / extend your lease.
We will guide you through the various stages of the process and answer any questions you may have:
Stage One – Valuation of the premium to be paid to the freeholder
Stage Two – Seek a negotiated settlement with the freeholder
Stage Three – First Tier Tribunal (Property Chamber); formerly the Leasehold Valuation Tribunal (LVT), if required
By offering expert valuation advice and guidance, we can assist you in resolving this issue. Further, specific information on the difference between flat lease extensions and house freehold purchases can be found on the accompanying pages.