Expert legal advice for your leasehold enfranchisement transaction
Trying to sell a property with a short leasehold term (usually below 80 years) can prove challenging and costly, so it may be worth considering a lease extension.
Extending the lease of your property can seem like another unnecessary cost, but with lenders less likely to approve mortgages on short leases, buyers unwilling to purchase properties with short leases, and increased premiums on leases under 80 years, it is an investment that could pay off significantly in the long-term.
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LEASE EXTENSION SOLICITORSÂ
How can Sweeney Miller Law help?
Extending a lease is not a straightforward process, so it is important to seek advice from professionals with extensive experience in acting for both leaseholders and freeholders. Our specialist property team can guide you through each step of the lease extension process, including:
- Advising on the different types of lease extensions
- Negotiating any premiums
- Reviewing the current lease terms and proposing any necessary changes
- Providing advice on securing a property valuation using our network of property professionals, including surveyors
- Registering the extended lease with the Land Registry
To speak to a member of our specialist leasehold team, call us on 0345 900 5401, email enquiries@sweeneymiller.co.uk or use our contact form.
Lease Extension FAQs
Having under 80 years left on a lease makes it significantly more difficult to sell a property as once the time left drops below that threshold, the premium to pay to the freeholder for extending the lease increases considerably, this is called ‘marriage value’. Therefore, if you have a property with fewer than 85-90 years remaining on the lease, then it is probably time to consider a lease extension.
Given the complexities of leasehold properties and the various technical stages involved in the extension process, it is generally advisable to speak to a specialist solicitor to avoid any potential difficulties later, for example with mortgage lenders etc.
