Lease Extensions and Freehold Acquisitions

lease

If you own a leasehold flat or house and the lease has less than 70 years to run, then you may wish to consider extending the lease or buying the freehold.

Mortgage lenders have tightened their requirements over recent years, and many are reluctant to lend on standard terms on properties with leases shorter than 70 years. This restricts the marketplace for short lease properties and means that the value of the property may be adversely affected.

If you have owned your property for more than two years you have the legal right either to extend your lease, or in the case of a house, to purchase the freehold interest. Whilst laws exist to protect the leaseholder, many freeholders will try and exploit leaseholders and attempt to charge well in excess of the amount the leaseholder is required to pay.

We are here to protect you and we will help you to negotiate the minefield of lease extensions and freehold acquisitions. After carrying out an initial valuation, we will advise as to the likely cost and, if applicable, whether your freeholder’s offer is reasonable. We will advise you if we consider that you may be able to negotiate a better price based on your statutory rights. Please click Guide to Extending Your Lease for more information about lease extensions, and Guide to Acquiring Your Freehold for information about freehold acquisition.

We would be happy to hear from you to discuss buying your freehold or extending your lease in more detail – please contact us on 01543 483350 or info@andersonsurveyors.co.uk

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