Many leases of flats are granted for a term of 99 years from when the flats were built and as the unexpired term runs down the lease becomes a depreciating asset which may become difficult to sell or mortgage. Inevitably there comes a time when the lease term needs to be extended. Indeed, making arrangements to extend a lease, particularly when the remaining term is not less than 80 years, can be an extremely good investment.
There is a statutory procedure under which an application can be made to the Leasehold Valuation Tribunal for an extension of the lease term. This is a highly specialised area of law for which expert advice is essential. Alternatively, it may be possible to negotiate an agreement with the landlord for the lease to be extended voluntarily.
In some cases it is possible for a number of flat owners in a block to buy the freehold collectively with a view to controlling and managing the building in which they live.
In all of these cases it will be necessary for a financial payment (premium) to be paid to the landlord in return for the extended lease term or freehold sale. Valuing the premium is highly technical and carried out by surveyors with very specific training.
We can provide the expert advice you need to guide you through the process and, where necessary, recommend a suitably qualified surveyor to provide valuation advice and to assist in any negotiations.
Contact us at New Milton 01425 610078 or 01590 689500
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