Acquiring a lease extension protects the value of a flat. A long lease will appreciate in value in line with market movement whereas, a short lease will diminish in value in real terms.
When an unexpired term falls below 80-years, the premium will include marriage value which will increase the price to be paid. Lessees are therefore advised to extend their lease before the 80-year threshold if possible.
This legal right was given to lessees under the provisions of the Leasehold Reform Housing and Urban Development Act 1993 and Tony Ford has specialised in valuations in accordance with this statute since it was introduced.
Although the legislation has been amended, the form and basis of valuation remain complex. We are able to guide you through this process explaining in detail from the outset the likely price to be paid for a lease extension, as well as explaining how there may be scope to improve upon these figures.
By acquiring a lease extension, not only will the value of a property be enhanced it will increase flexibility to be able to: –
- Obtain Equity Release
Clients may decide that they wish to follow a non-statutory route and enter into a voluntary agreement for the lease extension and in certain circumstances, this can be the most appropriate. However, it is advisable to still ensure that the best price is agreed and by obtaining well-reasoned professional valuation advice from the outset can save both time and money.
We are pleased to have an initial consultation with you, without obligation, to discuss the options available and decide the best route to suit your own particular circumstances.
Please contact us to obtain a copy of our free Guidance Notes which will provide you with further information about this legal process.
AEF Property Consulting and AEF Property Management are part of: AEF Property Limited
Registered Office 19 New Road, Brighton, East Sussex, BN1 1UF - Company No: 11472727