LEASE EXTENSIONS (RESIDENTIAL)

• Advice to leaseholders of flats on their ability to extend their residential lease, or collectively acquire the freehold interest in their building
• Advice to leaseholders of houses on their ability to extend their residential lease, or buy their freehold
• Advice to freeholders on applications from leaseholders to extend their leases and enfranchise on flats and houses
• Valuation of the leasehold and freehold interests
• Liaising with solicitors in respect of the service of notices and counter-notices
• In the event of a dispute, preparation of evidence and attendance at the First-Tier Tribunal and above on behalf of both freeholders and leaseholders

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:

• You own a long lease (usually at least 21 years from when it was originally granted) and either;
• Have owned the property for a minimum of two years or;
• Be completing an extension process that was started when a former, eligible homeowner served notice.

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.