If you own a freehold property, you own the building and the land it stands on. For freehold, there is no time limit to the ownership period. However, leasehold properties are different. As the owner of a leasehold property, you are only the owner for a fixed term and not the land on which the property stands.
The ownership of the leasehold property can revert to the freeholder when the lease expires unless there is an agreement to extend or purchase the lease. If the lease has less than (approximately) 80–90 years left to run, selling the property can be problematic as mortgage lenders will not offer on a property with a short lease. In this case, statutory extension costs significantly more.
Therefore, extending a lease well before the period reaches 80–90 years is advisable, particularly if you plan to sell the property.
Lease Extension Cambridgeshire
At Bowsers Solicitors, we have assisted clients across the Fens and further Cambridgeshire for decades. Our specialist property team understand the stressful nature of lease extensions and can advise you of your rights and the most appropriate steps to take when extending or purchasing a lease.
As with any legal transaction, no two cases will be the same. However, our knowledge and expertise allow us to ensure that we provide support and guidance throughout the process. Our support will cover the following:
- Review of, and advice regarding, the terms of the new lease.
- Advice regarding the documents prepared by the freeholder.
- Request the other party for amendments to any documents.
- Carry out the conveyancing on the new lease.
If you are looking for advice about a lease extension, please contact our experienced property solicitors and chartered legal executives today on 01945 583194 (Wisbech) or 01354 652606 (March), or email email@example.com. Alternatively, you can fill in our contact form.
Wisbech and March Solicitors
Bowsers Solicitors are local solicitors for the local community. Provided that you have owned your flat for at least two years, you are eligible to extend your lease, according to the terms of the Leasehold Reform, Housing and Urban Development Act 1993. Deciding to extend your lease can be highly beneficial, so speak to Bowsers Solicitors for concise and professional advice.
To speak to one of our friendly yet professional lease extension lawyers today, please call 01945 583194 (Wisbech) or 01354 652606 (March), or email firstname.lastname@example.org. Alternatively, you can fill in our contact form.
Fees for Lease Extension
Offering competitive and attainable prices for all our services, including lease extensions, is important to us.
Various factors are considered when setting a price for extending a lease, including:
- The property value.
- The number of years left on the lease.
- The annual ground rent.
- The value of improvements the leaseholders have made to the property.
- Other relevant factors.