Lease Extension Surveyors in London
If you are considering extending your lease, Erikas Grig Chartered Surveyors will be pleased to assist you to navigate the intricacies of the lease extension process. We have long-standing experience helping leaseholders and landlords in London, Essex, Kent, Surrey, Sussex, Buckinghamshire, Berkshire and Hertfordshire.
Lease Extension Qualification
When you own the leasehold property it is always going to be with an expiration period. When the lease expires your leasehold interest will diminish and the flat will revert back to the freehold.
The current legislation called Leasehold Reform, Housing and Urban Development Act 1993 allows you to extend the lease for an additional 90 years on top of the existing term reducing your ground rent to a peppercorn, providing you meet the eligibility criteria and obtain lease extension valuation. This is called a formal lease extension.
It is possible to obtain a lease extension without proceeding via a formal route. You can contact your freeholder to request a lease extension. However, the terms proposed by freeholders can often be unfavourable in the majority of cases. As a result, we advise proceeding formally to secure the best possible terms.
Why You Should Extend The Lease?
You may wish to consider extending your lease for the following reasons:
- Your existing lease is below 80 years and you want to extend the lease before the property loses more of its value.
- Your existing lease is above 80 years and you wish to extend the lease before it drops below 80 years and makes your premium significantly more expensive.
- You are selling the property and wish to assign the right to extend the lease to your buyer.
- You have difficulties obtaining a mortgage/remortgage due to a short lease.
- You want to extend the lease to remove ground rent.
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Why Should You Instruct Lease Extension Surveyor?
The most reliable way to ensure that the correct lease extension premium is paid is to instruct a specialist lease extension valuation surveyor. The surveyor will inspect your property and prepare a detailed lease extension valuation report which will include the premium payable and outline all compensation elements payable to the competent landlord.
At Erikas Grig Chartered Surveyors, we offer professional lease extension advice which has been polished by working on hundreds of lease extension cases annually and assisting various parties such as buyers, funds, property management companies, charities, homeowners and landlords.
We can advise you on lease extension cost including valuation and negotiate with the opposing party to secure the most favourable terms. If a positive outcome cannot be achieved via the initial lease extension process we have experience acting as expert witnesses in front of the First Tier Tribunal and can competently represent your case.