Owners of leasehold property may find that the value of their property is affected as the term of years reduces. Additionally, many mortgage lenders will not accept a short lease as security for a loan.
Fortunately, there are a number of Acts of Parliament under which owners have the right to:-
- Extend the lease term of a flat by a number of years (‘lease extension’)
- Purchase the freehold reversion to a house
- Jointly purchase the freehold of blocks of flats
Attwaters Jameson Hill’s Residential Property Team are ideally qualified to advise on all of these transactions.
The most common of these is the lease extension. Provided that the leaseholder has owned their flat for the last two years and the original lease term was greater than 21 years, then the leaseholder has the right to purchase an extension of 90 years at a ‘peppercorn’ ground rent.
This right is available irrespective of whether the leaseholder is resident in the flat or not. It is important to apply for a lease extension even if the lease appears to have many years to run, as generally the shorter the unexpired term that remains, the higher the price that will have to be paid to the freeholder.
Attwaters Jameson Hill’s residential property clients know how important it is to have the support of intuitive lawyers with real experience and market know-how.
While protecting your interests, our Residential Property team will focus on what you really want – a speedy, satisfactory and stressless transaction.