Lease Extention Valuation
Lease Extension, Leasehold Enfranchisement, extending a lease
There is a law – a leasehold act that gives leaseholders the right to extend their lease. It allows them the chance at any time to demand from the freeholder an extension of their existing lease that will add 90 years. By way of example, if there were 85 years remaining, you would then have a new lease of 175 years.
The benefit of extending the lease is that you would negate the situation where the length of the lease threatens to affect the value of your property.
The law in question is the Leasehold Reform Act 1993, which sets out the procedure for statutory lease extensions.
To begin the process, the first thing to do is to contact a specialist surveyor and obtain a quote for an initial report. Once you have agreed fees, the next stage is that the surveyor will inspect your property, examine the lease, make the calculations for the valuation of the lease extension, then give you a set of figures that will provide the basis of your offer to the freeholder.
Capital Leasehold can provide the expertise to guide you through the process.
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