By extending your lease, you can increase the value of your leasehold flat dramatically. You can also increase the saleability of your property and reduce the chances of being knocked on the price when you come to sell.
You need to understand the costs involved with lease extensions, how much you could stand to lose or profit, how you go about initiating the process, and much more.
By law, almost all leaseholders providing they meet certain criteria have the right to extend their lease. So extend yours without delay.
We’re London’s modern team of property experts that specialises in producing accurate and timely leasehold enfranchisement valuations. Moreover, we’re fully mobile and operate in all areas of London and Surrey, setting the standard for convenience in our industry.
We can work on behalf of either leaseholders or freeholders to protect their interest. Call us, and we’ll explain the benefits of our valuations in more detail.
The market value of your property plays a major role in helping us produce lease extension valuations. But we also need to include figures and yields obtained through years of experience and previous tribunal decisions (both First Tier and Upper Tribunals).
Essentially, our reports determine the figure that the leaseholder should pay to the freeholder to extend their lease. They also detail the best- and worst-case scenarios for both parties.
The Leasehold Reform Housing and Urban Development Act 1993 breaks the calculation and premium for the lease extension down into three parts.
Unsure of what the terms above mean or how they apply to you? Call us, and we’ll provide more details over the phone.
In reality, you won’t financially benefit in a significant way by extended a lease that still has over 100 years remaining. However, if you wait until your lease has less than 80 years remaining, extending it could be costly.
If you’re closing in on the 83-year mark, now’s the time to start thinking about extending your lease urgently for the sake of your finances.
Freeholders stand to profit the most by extending leases with less than 80 years remaining. But they’re legally obliged under the Act to grant any leaseholder a 90-year extension at any time during their occupancy, provided the leaseholder has lived in the home for more than two years and the lease was originally granted for a term of longer than 21 years.
If you’re a leaseholder who wants to find out when it makes the most financial sense to extend their lease, we’re here to help. Similarly, if you’re a freeholder and want to ensiure you are adequately compensated for granting the lease extension, our experts are at your disposal
At Novello, we’re a team of RICS Registered Valuers that takes a modern approach to providing quality property services. We’re fully mobile to make us the City’s most convenient service. We embrace technology to ensure accuracy and maintain open communications with our clients.
Most importantly, we follow strict RICS and legal guidelines to produce accurate reports; keep our overheads minimised to pass the savings onto you; and complete our work within a matter of days.
Contact London’s forward-thinking team of property experts at Novello to learn more about leasehold extension valuations.
020 8064 1636
Enquiries@novellosurveyors.co.uk
