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Acquiring the freehold of a property can be a significant and beneficial move for leaseholders, offering greater control over the management and future of their homes. However, understanding the process and the number of leaseholders required to initiate this purchase is crucial. In this blog, we will explore the key aspects of buying the freehold, the legal requirements, and the benefits it can bring.

Understanding Freehold Purchase

Before diving into the specifics, it’s important to clarify what buying the freehold means. When leaseholders purchase the freehold, they collectively buy the ownership of the land and building(s) from the current freeholder. This process is often referred to as “collective enfranchisement.”

Legal Framework and Eligibility

The right to collective enfranchisement is enshrined in the Leasehold Reform, Housing and Urban Development Act 1993. According to this legislation, the following conditions must be met :

1. Qualifying Leaseholders: At least 50% of the leaseholders in the building must participate in the purchase. These leaseholders must hold long leases, typically those longer than 21 years.
2. Building Requirements: The building must comprise at least two flats, and no more than 25% of the building should be used for non-residential purposes.

Calculating the Number of Leaseholders Required

To determine the exact number of leaseholders needed, you should consider the total number of flats in the building. For example, if there are 10 flats in the building, at least 5 leaseholders must participate in the collective enfranchisement process.

Steps to Initiate Freehold Purchase

1. Forming a Collective: Interested leaseholders should form a collective group. It is advisable to create a formal association to streamline the process.
2. Valuation: Engage a professional surveyor to carry out a valuation of the freehold. This helps in understanding the cost implications and negotiating a fair price.
3. Serving the Initial Notice: The collective group must serve a formal notice on the freeholder, expressing their intention to purchase the freehold. This notice must include the proposed purchase price.
4. Negotiation and Agreement: Following the initial notice, the freeholder has the right to respond and negotiate the terms. Both parties will work towards reaching a mutually acceptable agreement.
5. Legal Formalities: Once an agreement is reached, the legal process of transferring the freehold begins. This involves drafting and signing legal documents and completing the transfer of ownership.

Benefits of Buying the Freehold

1. Extended Leases: Leaseholders can extend their leases at no additional cost.
2. Control Over Service Charges: As freeholders, leaseholders have greater control over service charges and management of the building.
3. Increase in Property Value: Properties with a share of freehold tend to have higher market value.Freedom from Ground Rent: Leaseholders are no longer required to pay ground rent, which can be a significant financial relief.

Challenges and Considerations

While buying the freehold offers numerous benefits, it also comes with challenges:

1. Cost: The process can be expensive, considering the cost of purchasing the freehold, legal fees, and valuation charges.
2. Coordination: Coordinating among multiple leaseholders can be challenging and requires effective communication and cooperation.
3. Legal Complexities: The legal process can be complex and may require professional guidance to navigate successfully.

 

Criteria	Description
Minimum Leaseholders	At least 50% of the leaseholders in the building
Qualifying Criteria	Leaseholders must have long leases (typically more than 21 years)
Participation Threshold	More than half of the flats must be leaseholder-occupied
Process	Formal application to the freeholder and potentially the First-tier Tribunal if there are disputes

Conclusion

Purchasing the freehold can be a wise investment for leaseholders, providing increased control and potential financial benefits. By understanding the legal requirements and the number of leaseholders needed, you can make informed decisions and take the necessary steps towards achieving collective enfranchisement. Leasehold Valuations is here to guide you through every step of the process, from initial valuation to legal formalities, ensuring a smooth and successful journey. Our expert team is ready to assist you in making this important investment with confidence.

When extending a lease on a property, a common question arises: who should bear the cost of the lease extension, the buyer or the seller? The answer depends on various factors, including the terms of the sale agreement, negotiations between the parties, and local customs. In this blog, we will explore the considerations and typical practices regarding who pays for a lease extension.

Understanding Lease Extensions

A lease extension involves extending the term of an existing lease on a property, which can add significant value by providing longer tenure and potentially avoiding the pitfalls of a short lease. Extending a lease often requires negotiating with the freeholder and can incur substantial costs, including legal fees, valuation fees, and possibly stamp duty.

Key Considerations

1. Property Value and Marketability: Properties with short leases are generally less valuable and harder to sell. Extending the lease can significantly enhance the property’s marketability and value.
2. Negotiations and Agreements: Whether the buyer or seller pays for the lease extension is typically determined during the negotiation phase of the property sale. The outcome often depends on who benefits more from the extension.
3. Local Market Practices: Local real estate market practices and customs can influence who traditionally pays for the lease extension.

Common Scenarios

1. Seller Pays for the Lease Extension
   • Pre-Sale Extension: Often, sellers extend the lease before putting the property on the market. This makes the property more attractive to potential buyers, who prefer properties with longer leases.
   • Higher Sale Price: The seller can often command a higher sale price for the property with an extended lease, which can offset the cost of the extension.
2. Buyer Pays for the Lease Extension
   • Lower Initial Purchase Price: The buyer might negotiate a lower purchase price to account for the cost of the lease extension. This can make the property more affordable initially.
   • Buyer’s Control: The buyer can negotiate the terms of the lease extension according to their preferences and financial situation.
3. Shared Costs
   • Split the Cost: In some cases, the buyer and seller agree to share the cost of the lease extension. This arrangement can make the deal more appealing to both parties, especially in a balanced market.

Practical Examples

1. Seller’s Perspective
   • If a seller owns a property with a lease of 70 years remaining, extending the lease to 99 or 125 years can make it more appealing to buyers. The cost of the extension may be recovered through a higher sale price.
2. Buyer’s Perspective
   • A buyer interested in a property with a short lease might negotiate a lower purchase price, planning to extend the lease themselves after purchase. This allows the buyer to manage the extension process and terms directly.

Conclusion

Determining who should pay for a lease extension—whether the buyer or the seller—depends on various factors, including negotiation outcomes, market conditions, and specific circumstances surrounding the sale. Sellers often opt to extend the lease to enhance the property’s value and marketability, while buyers might prefer to handle the extension themselves to control the terms. Sometimes, a shared cost arrangement is the best compromise for both parties.

If you’re navigating the complexities of lease extensions or freehold purchases, expert guidance can make a significant difference. At Leasehold Valuations, we specialise in providing comprehensive services for lease extensions and freehold purchases. Our experienced team can help you understand your options, negotiate favourable terms, and ensure a smooth process Contact us today.

Extending a lease on a property can be a complex process, involving various legal and financial considerations. One key aspect is the potential payment of stamp duty. In this blog, we will explore whether stamp duty is payable on lease extensions, the factors affecting its applicability, and provide useful resources for further reading.

What is Stamp Duty?

Stamp duty is a tax levied on certain legal documents, typically related to the transfer of property or the creation of lease agreements. The specifics of stamp duty, including rates and exemptions, vary by jurisdiction. In the context of property leases, stamp duty may be payable when extending the term of a lease.

Is Stamp Duty Payable on Lease Extensions?

The requirement to pay stamp duty on a lease extension depends on several factors, including the length of the extension and the premium paid. Here are the general rules

1. Premium Payments: If you pay a premium (a lump sum) to extend the lease, stamp duty may be payable on this amount.
2. Annual Rent Increase: If the lease extension involves an increase in annual rent, this could also affect stamp duty liability.
3. Thresholds and Rates: Stamp duty rates and thresholds vary by country. For instance, in the UK, the rates can be different for residential and commercial properties.

Stamp Duty Land Tax (SDLT)

In the UK, Stamp Duty Land Tax (SDLT) applies to lease extensions under specific circumstances

• Residential Property: SDLT is payable if the premium exceeds a certain threshold (currently £125,000 as of the latest update). If the premium is lower, no SDLT is due.
• Commercial Property: SDLT rules for commercial properties are different and often involve more complex calculations based on the rent and premium.

Calculation Example

For a residential lease extension with a premium of £150,000

• SDLT on the first £125,000: 0%
• SDLT on the remaining £25,000: 2%

So, the SDLT payable would be 2% of £25,000 = £500.

Factors Influencing Stamp Duty Liability

Factors Influencing Stamp Duty Liability

• Property Type: Different rules apply for residential and commercial properties.
• Lease Term: The length of the extension can affect whether stamp duty is due.
• Premium Amount: Larger premiums may trigger higher stamp duty.
• Annual Rent Changes: An increase in annual rent can impact the stamp duty calculation.

Steps to Determine Stamp Duty on Lease Extensions

1. Check the Premium Amount: Determine if the premium exceeds the threshold for your jurisdiction.
2. Calculate Any Annual Rent Increase: Factor in any increase in rent due to the extension.
3. Consult the Relevant Rates and Thresholds: Use the official tax authority’s guidelines to find the applicable rates.
4. Use Online Calculators: Many tax authorities provide online calculators to help determine the exact stamp duty payable.

Useful Resources

• UK Government’s SDLT Guide: [UK Government SDLT]
• HM Revenue & Customs Lease Premium Calculator: [HMRC Calculator]
• Citizen’s Advice on Lease Extensions: [Citizens Advice]

Conclusion

Whether stamp duty is payable on a lease extension depends on various factors, including the premium amount, the type of property, and specific tax regulations in your jurisdiction. By understanding these factors and consulting relevant resources, you can better navigate the financial aspects of extending a lease.

For more detailed advice, consider consulting a property solicitor or tax advisor who can provide guidance tailored to your specific situation.

When it comes to real estate, one of the crucial factors that can significantly affect a property’s value is the length of the lease. For those unfamiliar with the term, a leasehold property is one where you own the building but not the land it stands on. Instead, you lease the land from the freeholder (landowner) for a number of years, decades, or even centuries. However, as the length of this lease decreases, so too can the value of the property. In this blog, we’ll explore just how much a short lease can devalue a property, and what you need to know to navigate this aspect of real estate investment.

Understanding Leasehold Properties

Before diving into the devaluation, it’s essential to understand what leasehold properties entail. Unlike freehold properties where you own the land and the building, leasehold properties mean you have a lease from the freeholder to use the property for a set number of years. Learn more about leasehold vs. freehold properties.

Why Does Lease Length Matter?

The length of the lease can significantly impact the property’s market value. This is primarily due to the diminishing time left to use the property and the potential difficulties and costs associated with extending the lease. Read more on how lease extensions work.

How Much Does a Short Lease Devalue a Property?

Market Perception and Demand

One of the primary reasons a short lease can devalue a property is market perception. Properties with shorter leases (generally considered to be under 80 years) are less attractive to buyers. This is due to the higher costs and complexities involved in extending the lease, as well as potential difficulties in obtaining a mortgage.

Mortgage Challenges

Lenders are often reluctant to provide mortgages on properties with leases shorter than 70 years. As the lease length decreases, the number of lenders willing to finance the purchase also diminishes, reducing the pool of potential buyers. Consequently, this lack of demand can lead to a decrease in property value.

Lease Extension Costs

Extending a lease can be a costly process, especially if the lease has less than 80 years remaining. The cost can include legal fees, surveyor fees, and a premium to the freeholder. Buyers often factor in these potential expenses when considering the purchase price of a property with a short lease. Get detailed information on lease extension costs.

Case Studies

To better illustrate the impact of a short lease on property value, let’s consider a few case studies.

Case Study 1: London Flat

A flat in central London with a 70-year lease was initially valued at £500,000. Due to the short lease, it struggled to attract buyers and eventually sold for £450,000, a 10% reduction. The buyer anticipated spending an additional £30,000 on lease extension costs.

Case Study 2: Suburban House

A suburban house with a 75-year lease had an initial valuation of £300,000. After months on the market without offers, it sold for £270,000, representing a 10% devaluation. The buyer faced estimated lease extension costs of £20,000.

Strategies to Mitigate Devaluation

If you own a property with a short lease, there are strategies you can employ to mitigate devaluation

1. Extend the Lease Early: If you have a lease with less than 80 years remaining, consider extending it as soon as possible. The cost of extending increases significantly once the lease falls below 80 years. Learn how to start the lease extension process.
2. Negotiate with the Freeholder: Sometimes, negotiating directly with the freeholder can result in more favourable terms for lease extension. Tips for negotiating with your freeholder.
3. Market the Property Strategically: Highlighting other attractive features of the property can sometimes offset the short lease issue in the eyes of potential buyers.

Conclusion

The length of a lease is a critical factor in determining the value of a leasehold property. Short leases can significantly devalue a property due to market perception, mortgage challenges, and the high costs associated with lease extensions. However, by understanding these factors and taking proactive steps, property owners can mitigate some of the negative impacts. For potential buyers, being aware of these issues can help in making informed decisions and negotiating better deals.

If you’re dealing with a leasehold property, it’s always a good idea to seek professional advice to navigate the complexities of lease lengths and extensions. Contact our expert real estate advisors today for personalised guidance.

When considering the purchase of a property with a short lease, it’s essential to understand how this can impact your ability to secure a mortgage. Mortgage lenders typically view short-lease properties as higher risk, which can lead to several challenges for buyers. In this blog post, we’ll delve into the mortgage implications of short-lease properties, the factors lenders consider, and how you can navigate these complexities.

Understanding Short Leases

A short lease generally refers to a property lease with fewer than 80 years remaining. As the lease term decreases, the property becomes less attractive to both buyers and lenders due to potential complications and costs associated with lease renewal or extension. [Learn more about the basics of leasehold properties].

How Lenders View Short-Lease Properties

Increased Risk

Lenders view short-lease properties as a higher risk for several reasons:

Depreciating Asset: The value of a property with a short lease diminishes over time, which can affect the lender’s security.

Difficulty in Reselling: Properties with short leases are harder to sell, reducing the lender’s options if they need to repossess and sell the property.

High Extension Costs: Extending the lease can be expensive, and lenders worry about whether borrowers can afford these additional costs.

Loan-to-Value (LTV) Ratio Adjustments

Lenders might offer lower Loan-to-Value (LTV) ratios for short-lease properties. This means that you may need a larger deposit to secure a mortgage. For instance, instead of the typical 80-90% LTV for a standard property, you might only be able to get 60-70% LTV for a property with a short lease.

Specific Lease Length Criteria

Different lenders have varying criteria for lease lengths. Generally, the shorter the lease, the fewer lenders are willing to offer a mortgage. Here’s a rough guide:

Over 80 Years: Most lenders are comfortable providing mortgages.

70-80 Years: Some lenders might impose stricter conditions or lower LTV ratios.

50-70 Years: Fewer lenders are willing to provide mortgages, often at significantly reduced LTV ratios.

Under 50 Years: Very few lenders will offer a mortgage and those that do often have stringent requirements and high interest rates.

Impact on Interest Rates and Fees

Due to the perceived higher risk, mortgages for short-lease properties often come with higher interest rates and additional fees. Lenders may charge a higher rate to offset the potential risks associated with lending on a property that might depreciate faster than its freehold or long-lease counterparts.

Potential Solutions for Buyers

Lease Extension

One way to mitigate the mortgage implications of a short-lease property is to extend the lease before applying for a mortgage. However, this requires the current owner’s cooperation and can be costly. Learn how to extend your lease.

Specialist Lenders

Some lenders specialise in providing mortgages for short-lease properties. These lenders understand the complexities and may offer more flexible terms, albeit often at higher costs.

Increased Deposit

If you’re set on purchasing a short-lease property, be prepared to put down a larger deposit. This reduces the lender’s risk and increases your chances of securing a mortgage.

Conclusion

Purchasing a short-lease property presents unique challenges, particularly when it comes to securing a mortgage. Lenders view these properties as higher risk, leading to stricter lending criteria, lower LTV ratios, and potentially higher interest rates. However, by understanding these implications and exploring options like lease extensions, specialist lenders, and larger deposits, you can navigate the complexities and make an informed decision.

If you’re considering buying a short-lease property, it’s crucial to seek professional advice to understand all your options and make the best financial decision. Contact us today for expert guidance on lease extensions and personalised mortgage advice tailored to your situation.

The Commonhold and Leasehold Reform Act 2002 is a pivotal piece of legislation in the United Kingdom’s real estate landscape, aiming to address issues surrounding leasehold tenure and introduce the concept of commonhold ownership. Here’s a detailed exploration of its key provisions and implications.

Introduction to the Act

Enacted to modernise and reform leasehold tenure, the Commonhold and Leasehold Reform Act 2002 introduced significant changes aimed at enhancing the rights of leaseholders and promoting the adoption of commonhold ownership, an alternative to traditional leasehold arrangements.

Key Provisions

1. Right to Manage (RTM): The Act empowers leaseholders to take control of the management of their building through the Right to Manage (RTM) process. This allows leaseholders to form a management company and assume responsibility for services such as maintenance and repairs.
2. Lease Extension: Leaseholders gained the right to extend their lease term by an additional 90 years under the Act, with ground rent reduced to zero. This provision aimed to provide leaseholders with greater security and flexibility regarding their property tenure.
3. Collective Enfranchisement: The Act facilitates collective enfranchisement, enabling leaseholders within a building to join together and purchase the freehold of their property. This provision aims to empower leaseholders and promote greater control over their living environment.
4. Introduction of Commonhold: One of the Act’s key innovations is the introduction of commonhold ownership, a form of property tenure where individuals own the freehold of their individual units within a multi-occupancy building jointly with other unit owners. Commonhold aims to provide a more equitable and sustainable alternative to leasehold tenure.

 

Implications for Stakeholders

• Leaseholders: The Act significantly enhances the rights and protections afforded to leaseholders, offering avenues for lease extension, collective ownership, and greater control over property management.
• Landlords: Landlords are required to comply with the provisions of the Act, including granting lease extensions and facilitating collective enfranchisement where eligible leaseholders seek to exercise their rights.
• Property Industry: The Act has far-reaching implications for the property industry, influencing property management practices, investment decisions, and the development of new residential schemes.

Also read, How lease extension works in the UK?

Conclusion

The Commonhold and Leasehold Reform Act 2002 represents a landmark legislative initiative aimed at modernising leasehold tenure and introducing innovative alternatives such as commonhold ownership. By empowering leaseholders and promoting greater control over property ownership, the Act seeks to create a more equitable and sustainable housing landscape in the United Kingdom.

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?

1. 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.
2. 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.
3. 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.

Unlock the Value of Your Property Today

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.

Contact us today to schedule a consultation and take the first step towards unlocking the full potential of your property.

Book 10 Min Free Consultation

Are you considering extending the leasehold on your property? It’s a significant decision that requires careful planning and understanding, especially when it comes to valuation. In this guide, we’ll delve into the intricacies of leasehold extension valuation and introduce you to a valuable tool to assist you along the way.

Understanding Leasehold Extension Valuation

A leasehold extension essentially grants you the right to extend the lease term on your property. As your lease term decreases, the value of your property may diminish, making it crucial to extend the leasehold to maintain its worth.

Valuing a leasehold extension involves various factors, including the remaining lease term, property value, ground rent, and the discount rate used to calculate the lease premium. Additionally, any leasehold reforms or legislation in your region can impact the valuation process.

Introducing Our Free Online Leasehold Extension Valuation Calculator

To simplify the leasehold extension valuation process, we’re excited to introduce our free online Leasehold Extension Valuation Calculator by Leasehold Valuations. This user-friendly tool provides you with an instant estimate of the cost involved in extending your leasehold, helping you make informed decisions about your property.

Click here to access our Free Online Leasehold Extension Valuation Calculator

How to Use the Calculator

Using our Leasehold Extension Valuation Calculator is easy

1. Enter Property Details: Start by entering essential details about your property, including location, and remaining lease term.
2. Provide Additional Information: Input any relevant information, such as ground rent and property value.
3. Get Your Valuation: With just a few clicks, receive an instant estimate of the cost of extending your leasehold.

Why Choose Leasehold Valuations?

At Leasehold Valuations, we’re dedicated to empowering property owners with the knowledge and tools they need to navigate leasehold extensions confidently. Our team of experts has extensive experience in leasehold valuation, ensuring accurate and reliable results.

Whether you’re a homeowner, landlord, or property investor, our Free Online Leasehold Extension Valuation Calculator is designed to streamline the valuation process and provide you with clarity on your leasehold extension journey.

Unlock the Value of Your Leasehold Today

Don’t let uncertainty hold you back from maximising the value of your property. Use our Free Online Leasehold Extension Valuation Calculator to take the first step towards securing your property’s future.

The term “flying freehold” refers to a scenario in property law where a portion of one property extends over or under another adjoining property. This often prompts inquiries regarding the ownership of the land beneath the suspended portion.

Understanding the Flying Freehold

A flying freehold arises when a section of one property encroaches upon the airspace of an adjacent property or is supported by it. Despite its unconventional terminology, the legal implications are firmly rooted in practical considerations of property rights and responsibilities.

Who Owns the Land?

In cases of a flying freehold, the land underneath the overhanging portion typically remains the property of the owner of the originating property. However, this does not confer unrestricted access or control over the neighbouring property. Legal agreements, such as licences or leases, may be necessary to address issues of access, support, and maintenance.

Navigating Complexity

While the concept of a flying freehold may seem straightforward, its practical implications can be complex. Disputes may arise regarding maintenance obligations, access rights, and alterations to the flying portion, requiring legal resolution and clarification.

Our Solution: Expert Guidance and Resources

Whether you are grappling with challenges related to a flying freehold or considering options for lease extension or freehold purchase, our team of Chartered Surveyors is equipped to provide expert guidance and support.

Book 10 Mins Free Consultation

Unlock Your Property’s Potential

For those seeking to calculate their lease extension premium, our complimentary online Lease Extension Calculator Tool offers immediate estimates, facilitating informed decision-making about the future of your property.

Unlock the full potential of your property with expert guidance from our team of Chartered Surveyors. Your property journey begins here.

As a homeowner or landlord considering a lease extension, understanding the tax implications associated with this process is crucial. At Leasehold Valuations, we specialise in lease extensions and freehold purchases for residential properties in London, UK. In this blog post, we’ll delve into whether lease extension costs are tax deductible, providing valuable insights for property owners and landlords.

Are Lease Extension Costs Tax Deductible?

One of the most common questions we encounter is whether lease extension costs are tax deductible. The answer largely depends on the nature of the property and its use.

Residential Properties

For residential properties, lease extension costs are typically not tax deductible as they are considered capital expenses. These costs are incurred to improve the value or lifespan of the property rather than for day-to-day running expenses. However, it’s essential to consult with a qualified tax advisor to determine your specific tax situation.

Commercial Properties

In the case of commercial properties, lease extension costs may be tax deductible as business expenses. Businesses can often claim deductions for expenses incurred in the course of generating income, including lease extension costs. Again, seeking professional advice is recommended to ensure compliance with tax regulations.

Tax Planning Considerations

While lease extension costs may not be immediately deductible, they can impact your tax liability in other ways. For instance, they may affect the capital gains tax (CGT) liability when selling the property in the future. Proper tax planning, including considering the timing of lease extension negotiations, can help minimise tax liabilities and maximise financial benefits.

Consultation with Tax Professionals

Given the complexity of tax laws and regulations, we strongly advise property owners and landlords to seek guidance from qualified tax professionals. A tax advisor can provide personalised advice based on your individual circumstances and help you navigate the tax implications of lease extension costs effectively.

However, If you are planning for Lease Extension then Leasehold Valuation’s professional chartered surveyors help you save big on it. Contact us for a lease extension in London.

Conclusion

In summary, while lease extension costs may not typically be tax deductible for residential properties, they can have significant implications for tax planning and future tax liabilities. As specialists in lease extensions and freehold purchases, Leasehold Valuations is here to provide expert advice and assistance throughout the process. For personalised guidance on lease extension matters and tax implications, don’t hesitate to contact our team of chartered surveyors today.