Margaret Evans, Head of Corporate Law discusses finding a buyer in the part 5 of The Selling Process Series.
If you are the owner of a leasehold property and wish to extend the lease, it’s important to take expert advice at the earliest opportunity.
Our specialist property lawyers can help you establish whether you qualify for a lease extension. It’s worth noting that premiums can rise sharply if you allow the leasehold term to drop below 80 years before exercising your right to extend. As a general rule, the shorter the lease, the more expensive it is to gain an extension.
Recent legislative changes have done much to simplify as well as enhance extension rights. These new rights are helpful to homeowners as a longer lease can add significantly to the value of an apartment.
For each year that passes, the value of a lease diminishes. Mortgage lenders set minimum requirements for the number of years left to run on a lease both at the beginning and the end of the mortgage term. In some circumstances, this can be a major deterrent to securing a sale of your leasehold property.
At FDR Law we take a practical commercial approach, with a range of legal tools at our disposal such as deferments and the right to intermediate landlords.
This is a complex area of property law where it pays dividends to take early specialist advice. For more information about how we could help you, contact us on 01925 230000.