As the owner of a flat, let on a long lease, you may have a legal right to extend that lease by an additional 90 years and to reduce the ground rent to nil. This right was first introduced by the Leasehold Reform, Housing and Urban Development Act 1993 and has been extended since.
Essentially, if you are the owner of a long lease with 21 years or more left to run and have been the owner of that lease for at least 2 years, then you probably qualify. Usually, the only argument with the landlord is over the price to be paid.
Basildon Leasehold Interests Solicitors
At the law firm of Adrian Dann & Company, we represent landlords or flat owners in Essex and the surrounding area, assisting them with lease extensions, leasehold enfranchisement, right to manage and related issues.
We base our practice on a principle of personal service, maintaining close contact with our clients and providing them with the best of old fashioned service and effective representation driven by technological advances.
Our Solicitor Adrian Dann, is a member of the Association of Leasehold Enfranchisement Practitioners.
Do You Qualify for Lease Extension?
If you are the owner of a long lease with 21 years or more left to run and have been the owner for at least two years, you are likely to qualify for a lease extension. It is cheaper to do so before a lease has 80 years remaining.
But Why Would You Want to Extend Your Lease?
These are some of the reasons:
- If you are selling a lease with less than 80 years left to run, your buyer will be advised to ask you to obtain a lease extension; that will delay your sale and cost you money
- Extending a lease with less than 80 years left is more expensive because you have to pay your Landlord something called "marriage value". This does not apply where the lease has 80 years or more to run; extending sooner rather than later will save you money
- A lease that has been extended will be more valuable than one that has not
- The annual ground rent will be reduced to nil
A very useful and informative organisation is the Leasehold Advisory Service whose web site contains a detailed summary of leasehold extension and associated areas. www.lease-advice.org.
If you believe you could benefit from a lease extension, call 0808 129 5757 or email our firm to arrange a free consultation with an Essex lease extension solicitor.
