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.

What you know about Leasehold Valuation Calculator?

March 25, 2020

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One common question we get asked is what is my lease extension cost? how can I know that value? For that we added a tool to our website that allows you to get an idea as to the cost of your lease extension. To use our lease extension calculator simply fill out the required information and our easy to use calculator will produce an estimate and give an estimated value for your property.

We have recently added a tool to our website that allows you to get an idea as to the cost of your lease extension. So it made sense for this information to be available to the public to use.

Secure the future of your property with Leasehold Valuations.

Secure the future of your property with Leasehold Valuations UK

And another question we get asked is ‘how accurate is your estimate?’

The answer to this is that the calculator is reasonably accurate, in so far that it is useful to obtain an initial estimate but it is still only a ball park figure. In order to gain an accurate figure we will need to undertake a details valuation.

The calculation is only an estimate and doesn’t qualify as professional advice. The calculation doesn’t take into account future changing ground rents, specific details related to the property, specific issues relating to a location nor if there’s an intermediate lease involved.

In addition to our free calculator Leasehold Valuations offers a range of leasehold and freehold valuation services and solutions to both Landlords and Leaseholders, depending on your requirements and objectives.

How much will it cost you to extend your lease? Get an estimate using our lease extension calculator.

The first step within the lease extension process is to have a valuation carried out to assess the likely premium payable. even if you choose to proceed with a voluntary lease extension we might advise you to still take valuation advice to make sure the premium your freeholder is voluntarily offering is a “good deal”.

What you know about Leasehold Valuation Calculator?

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And another question we get asked is ‘how accurate is your estimate?’

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