What is a leasehold extension?

A leasehold extension is the process of extending the lease term of a property held on a leasehold basis. It helps maintain the property's value and desirability. Leasehold extension legislation allows leaseholders to extend their lease, ensuring the property remains attractive for sale or mortgage purposes.

How long is a leasehold extension ?

The length of a leasehold extension can vary depending on the jurisdiction and specific circumstances. In some countries, such as the United Kingdom, leasehold extensions are typically granted for an additional 90 years beyond the remaining term of the existing lease. However, it's important to note that leasehold extension regulations can differ, and it's advisable to consult local laws or seek professional advice like leasehold valuations for accurate information regarding leasehold extensions in a specific jurisdiction.

What are the benefits of lease extension ?

Extending the leasehold of a property offers benefits such as increased property value, improved marketability, easier access to mortgage financing, peace of mind and security, the avoidance of escalating costs, and more control over property management.

What happens to leasehold property after 99 years ?

After 99 years, the leasehold property typically reverts back to the freeholder, unless the lease is extended by the leaseholder. The ownership of the property, along with the land it is built on, returns to the freeholder once the lease expires. As a lease approaches its expiration, the property’s value may decrease, making it more challenging to sell or mortgage. It is advisable for leaseholders to consider extending their lease well before it reaches the 99-year mark to maintain the property’s value and their ownership rights.

Why choose leasehold Valuations for Lease extension or Buying Freehold ?

1. Fair Price: A leasehold valuation ensures you pay a fair price for a lease extension or freehold purchase.2. Increased Property Value: Extending the lease or buying the freehold can potentially increase your property’s value.3. Cost Savings: Accurate valuation helps minimise future costs like ground rent.4. Stronger Negotiation: A valuation report strengthens your position during negotiations with landlords.5. Legal Compliance: Valuations ensure you meet legal requirements for lease extensions or freehold purchases.6. Future Planning: Valuations help you plan for selling or passing on the property to future generations.7. Expert Advice: Engaging a valuer provides access to their expertise and guidance.8. Mortgage Support: Valuation reports improve your mortgage opportunities for lease extensions or freehold purchases.

How much does it cost to renew a leasehold ?

The cost of renewing a leasehold in the UK can vary depending on various factors, such as the property value, the length of the renewal term, and any negotiations between the leaseholder and the freeholder. Unlike extending a lease, which typically involves paying a premium to the freeholder, renewing a lease generally involves paying a nominal fee known as a “peppercorn rent” or a small percentage of the property value.The exact cost of renewing a leasehold will depend on the specific terms agreed upon between the parties involved. It is advisable to consult with a solicitor or a licenced conveyancer who specialises in leasehold matters to get an accurate estimate of the costs involved based on your particular situation.

Q. How much does it cost to extend a leasehold in uk ?

The cost of extending a leasehold in the UK can range from a few thousand pounds to tens of thousands of pounds, depending on factors such as the remaining lease length, property value, and negotiated terms with the freeholder. Additional costs include legal fees, valuation fees, and disbursements such as Land Registry fees. It’s recommended to seek professional advice for an accurate estimate based on your specific situation.

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May 23, 2024

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Are you navigating the complexities of leasehold extension valuation or confused with how lease extension works in the UK or considering a freehold purchase in Berkshire, the Home Counties, London, or Slough? Look no further. Our team of experienced Chartered Surveyors is here to guide you through every step of the process, ensuring clarity, accuracy, and peace of mind.

Why Choose Our Chartered Surveyors?

Expertise: Our Chartered Surveyors possess a wealth of knowledge and expertise in leasehold extension valuation and freehold purchases. With years of experience in the industry, we’re equipped to handle even the most intricate cases with precision and efficiency.
Personalised Service: We understand that every property situation is unique. That’s why we take the time to understand your specific needs and tailor our services accordingly. Whether you’re a homeowner, landlord, or investor, we provide personalised solutions to help you achieve your goals.
Transparency: Transparency is at the core of everything we do. From the initial consultation to the final valuation report, we keep you informed and involved throughout the process. You can trust us to provide honest advice and clear explanations every step of the way.

Our Services

1. Leasehold Extension Valuation

Extending the leasehold on your property is a significant decision that requires careful consideration. Our Chartered Surveyors will guide you through the valuation process, providing accurate assessments and expert advice to help you make informed decisions about your leasehold extension.

2. Freehold Purchases

Interested in purchasing the freehold of your property or a collective freehold with other leaseholders? Our team can assist you in navigating the legal and financial aspects of freehold purchases, ensuring a smooth and successful transaction.

3. Property Consultancy

Beyond leasehold extension valuation and freehold purchases, we offer a range of property consultancy services to meet your needs. Whether you require property management advice, building surveys, or lease advisory services, our Chartered Surveyors are here to help.

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Don’t let uncertainty hold you back from maximising the value of your property. Whether you’re extending your leasehold, purchasing a freehold, or seeking expert property advice, our team of Chartered Surveyors is here to support you every step of the way.

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