At Peter Barry, our experienced lease extension surveyors work with both Leaseholders and Freeholders, guiding them through the complex process of lease extension in London.
If you own a leasehold property, you may already be aware that as your lease gets shorter, its value decreases. While this may not pose a problem while living in your home, a short lease can be problematic when the time comes to sell. Buyers are wary of shorter leases, and a number of banks will not lend against leases under 85 years.
The Leasehold Reform Act (1993) gives flat owners the right to extend their lease by 90 years, and a reduction of their ground rent to “a peppercorn” (zero). We have saved clients thousands of pounds, negotiating on their behalf including representation at Tribunal.
The Leasehold Reform Act entitles leaseholders acquire their freehold from their freeholder. This allows them to grant themselves 999 year leases and gain control of the management of their building.
You will need participation from 50% of the flat owners. Where there are 2 flats, both need to apply.
There are some exceptions such as where there 25% of the block is non-residential.
The price (premium) to be paid per flat is similar to that of a lease extension. You will also need to part of the building that could be developed such as loft spaces, basements or car parking.
Click here for a worked example.
We are in your corner to get you the best possible outcome in your lease extension claim. We can provide a full service, including valuation, negotations and expert evidence, with step by step advice throughout.
Our team Chartered Surveyors includes Registered Valuer’s who undertake leasehold reform work on a nearly exclusive basis. Our Surveyors deal with hundres of cases every year, have experience of acting as expert witness at Tribunal hearings and are dedicated to getting you the best outcome possible.
Our experience in this area facilitates efficiency, allowing us to provide a first class service without the first class price tag.