Lease Extension Services
There are a large number of properties that have been built and sold on a leasehold basis as opposed to freehold or commonhold. This is a common occurrence with flats.
A leasehold property allows you to buy the rights to live in a property, for a set period of time. This is often between 99 to 125 years. Leasehold houses, on the other hand, will tend to be for 999 years.
As the length of the lease decreases, the cost of extending rises. Additionally, the freeholder is entitled to a share of the increase in the value of the flat should the lease be extended.
The price of such an extension can vary. The price payable is calculated in accordance with a statutory formula but is commonly negotiated using the formula as a guide. Whilst there is no requirement to have a formal valuation, this is usually advisable as having a detailed valuation carried out by an expert surveyor enables you to negotiate with certainty.
Contact our Residential Property Solicitors:
We would like to discuss your residential freehold purchase requirements directly to find out how we can help.
Please contact our Residential Property Team by sending an email to us at [email protected] and one of our conveyancing solicitors shall call you back.
Alternatively, please call our residential property solicitors on 0161 820 8888 for a no obligation discussion.
Call us for a free initial consultation
Monarch Solicitors is building a reputation as a firm that “punches well above its weight”. Built on the principle of providing clients with high quality and personal service, we recently won the North West Greater China Business Award 2019. Managing Partner, Shazda Ahmed, has won the Best Professional in Business 2015, won the Outstanding Young Business Personality in the Northern Powerhouse, and was finalist in the Financial & Professional Services Entrepreneur of the Year category of the Entrepreneur of the year Awards 2016.
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