At ACREWOODS, our experienced lease extension surveyors work with both leaseholders and freeholders, valuing property and assisting with the complex process of lease extension.
If you currently own a leasehold property, it’s likely that you are already aware that as your lease gets shorter, its value decreases. While this does not necessarily pose a problem while living in your home, a short lease can be problematic when the time comes to sell it. Buyers are often wary of shorter leases, and a number of banks will not lend against leases less than 85 years.
The Leasehold Reform, Housing and Urban Development Act (1993) gives flat owners the right to extend their lease by 90 years, and a reduction of their ground rent to “a peppercorn” (zero).
You qualify if:
There are a few exceptions, which include commercial or business leases, and if the property is provided as part of a charitable housing trust.
To learn more about our services, please contact our team.