Leasehold Extension & Freehold Enfranchisement
If your house is leasehold (i.e. you pay a ground rent and don’t own the freehold) you may or may not be aware of the length of time left on the lease.
Leases are usually 99 or 999 years in length, however when there are less than 70 years to run, many mortgage companies and banks will not consider the property suitable for a mortgage. This will affect the value of your property should you wish to sell it.
We can provide valuations under the Leasehold Reform, Housing and Urban Development Act 1993, and give our opinion of the price you should pay for a new lease. If necessary, our surveyor can also enter into negotiations with the other party’s surveyor to agree a fair price.
This is slightly different to leasehold extension in that you are purchasing the freehold title of the property, making your home freehold and not leasehold.
We can provide a valuation of the premium (price) for buying the freehold title, under the Leasehold Reform Act 1967 as amended by the Commonhold and Leasehold Reform Act 2002.