If you own your home outright (the freehold) then chances are that its value is increasing. If you only hold the lease then chances are that its value is decreasing.
As the length of your lease gets shorter its resale value drops and, if the remainder of the lease drops below 70 years you may have a problem selling it as some mortgage companies won’t lend against property’s with such a short period of time left to run.
You can extend your lease by an additional 90 years under the 1993 Leasehold Reform Act and so increase its resale value.
If your lease has between 80-90 years to run then we would recommend that you seek to extend it without delay as the cost of doing so can increase quite substantially once the remaining term falls below 80 years.
Cohen Cramer Solicitors have the knowledge and expertise to ensure that your lease is extended on the best possible terms and at the best price to you.
To see how we can help get in touch today for your free initial consultation:
- email: firstname.lastname@example.org
- call: 0113 224 7815
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