The Westcolt team is full of knowledgeable individuals who have several years of experience under their belts. They spend their days assisting and advising our London-based clients on all aspects of leasehold properties. These people receive a comprehensive, tailored service, which has been designed to suit their specific needs.
Lease extension is something our team deals with on a regular basis and there are several questions that come up time and time again with regards to this topic.
Keep reading this blog to find out more about lease extension with Westcolt Surveyors.
What Services Do You Provide?
At Westcolt Surveyors, we provide the following services:
Valuations of leasehold and freehold properties
Advising leaseholders of flats as to whether they can collectively acquire a freehold interest in regards to their building
Absent landlord valuations and reports
Liaising with solicitors
Preparation of evidence and attendance at the First Tier Tribunal for freeholders and leaseholders (should there be any dispute)
And so much more!
We’d be more than happy to discuss your specific concerns with you if they are not listed above.
How Do I Know If I Qualify For A Lease Extension On My Flat?
You should be able to qualify for a lease extension on your property if the original lease was for a period of longer than 21 years when it was initially issued. You need to have been the registered owner of the flat for over 2 years in this instance. Exceptions apply if your freeholder is the Crown or the National Trust, you are in a cathedral precinct, or if you have shared ownership of the property.
What Are The Benefits Of Extending The Lease On My Property?
Extending your lease will most likely increase the value of your property and those looking to purchase it will tend to favour a longer lease. Mortgage providers also show reluctance to lend when a lease is less than 70 years’ unexpired. A lease extension is a sensible course of action for a number of reasons.
A short lease is one that is typically under 85 years and these properties prove harder to sell. They’re also harder to mortgage and remortgage. You must think of a lease as an asset, when they run out, they become worthless, which means it is always in your best interests to extend your lease.
What Happens When My Lease Runs Out?
An expired lease doesn’t mean you need to vacate your property, contrary to popular belief. If you fail to take the steps necessary to end your tenancy with your landlord, you can expect things to continue as normal until you are told otherwise. In this case, your landlord might send a prescribed notice proposing a periodic tenancy, where you would be required to pay an assured monthly rent premium.
If you find yourself with more questions regarding lease extension, please do not hesitate to contact Westcolt Surveyors. Our team will be more than happy to answer your questions.
Call us on 020 7289 7287 or visit our website and fill out a contact form.