When a residential property is held on Leasehold basis the value of the property will fall as the length of the unexpired lease term reduces. As a consequence the saleability/mortgageability of the property will be affected and Lenders will become increasingly reluctant to accept it as a security against which a mortgage can be raised.
Leaseholders are legally entitled to extend the number of years on the lease using a process of Leasehold Enfranchisement subject to the Leaseholder being a 'qualifying tenant'. We act for both the Freeholder and Leaseholder in such matters providing valuations of the premium payable in respect of the lease extension and reports as required.
In the event that valuations are the subject to dispute, representations can be made to the Leasehold Valuation Tribunal who is responsible for such matters.
We would consider your lease, assess the range of values concerned and recommend the action that you should take. We will work with your solicitor and negotiate the lease extension on your behalf.
For an initial discussion please call: 020 7183 5368