Buying a leasehold rather than a freehold or commonhold property means you are buying the rights to live in a property for a set length of time. Leasehold houses typically have a lease term of 999 years, whereas modern flats tend to have a lease period of 99 to 125 years.
Whilst these average lease periods may seem lengthy, it is important to note that as the length of the term decreases so does the value of the property, resulting in it becoming what is known as a “wasting asset”. In addition, lenders of leasehold properties often require a lease which is the length of the mortgage plus 35 years, meaning that a lease extension might be worth doing once the length of the lease falls below 100 years.
If you wish to extend the lease, then you will need to check that you are able to do so. For example, you usually need to have owned the property for at least two years before you can request a lease extension.
At Rotheras we specialise in lease extensions and can advise you on whether extending the current lease on your property is a worthwhile investment.
Why instruct Rotheras on a Residential Leasehold Extension?
Our team can advise on whether a lease extension is worth doing in your situation by considering the length of lease remaining and obtaining a valuation of the property.
We can help leaseholders negotiate the lease extension with the freeholder or alternatively advise on serving a section 42 notice in cases where you cannot reach an agreement with the freeholder regarding extending the lease.
Our team can also advise on ground rent provisions, especially where your lease contains an escalating ground rent clause which appears unfair and costly and which requires variation.
We can advise you if there are less than 80 years remaining on the lease and “marriage value” needs to be considered.
Our dispute resolution team is on hand to help in situations where you have failed to agree on the landlord’s premium with the freeholder and you need to apply to the Leasehold Valuation Tribunal.
This was my first experience using a solicitor, something I felt quite daunted about. Rothera Sharp (Greg and Petra) put me at ease and were very helpful.
Last year I experienced a car accident, as a front seat passenger. I put forward a personal injury claim with Rothera Sharp. From start to finish, my claim has been dealt with efficiently and professionally, and I have always felt my best interests were considered. All communications were made via letter or email to inform me of all further updates. My claim has now come to an end and I am very happy with the overall outcome. I would recommend Rothera Sharp for their service.
We cannot recommend Chris Powell of Rothera Sharp more highly. Mr Powell demonstrated the upmost professionalism with a high level of knowledge of the area for which he was representing us. Anyone needing representation/advice regarding the area of haulage will find that Chris Powell and Rothera Sharp are the best choice.
Claim dealt with efficiently and to a satisfactory conclusion. Wayne Vickers visited me at home initially and explained everything thoroughly. Professional service throughout. Recommended
Antony Fyson is a Partner and heads up the Long Eaton branch Office of Rotheras Solicitors and offers clients a wealth of expertise in Commercial Property and Conveyancing matters.
Tom Redgate is a Commercial Property specialist at Nottingham-based law firm Rotheras and is located at our Lace Market office in the heart of Nottingham City Centre.
Fiona Moore is an associate solicitor specialising in commercial property and residential property at Nottingham-based law firm Rotheras Solicitors and is located at our Lace Market office in the heart of Nottingham City Centre.
Luke specialises in all aspects of commercial and residential property including leasing, sales and purchases, development work, commercial finance and much more and is based at our Lace Market office in the heart of Nottingham City Centre.
Jasmine Jackson is a trainee Solicitor in the Commercial Property department at Rotheras and is based at our Lace Market Office.
Emily Kevan is a residential property and commercial property paralegal at Rotheras. She is based at our Lace Market office in the heart of Nottingham city centre.
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Posted on 10/01/2020