Enfranchisement Solicitors
01722 422300
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Lease Extension Advice- For Purchasers Of Flats With Short Leases A short term lease can have a considerable effect on a flat’s value. Wherever possible, you should get a lease extension when the lease is anything lower than 85 years unexpired, and you should not let it drop below 80 years. You have to have owned the flat for a minimum of two years before you get a legal right to obtain a leasehold extension. However there is a way of getting round this [under the 1993 Leasehold Reform, Housing and Urban Development Act] – if the person selling their flat to you cooperates. Before actually selling the flat, the vendor is able to serve a formal Notice of Claim – provided they have owned the property themselves for at least two years. As a result you will not have to wait two years before being able to to extend the lease, as long as this notice is served before the sales process has been legally completed and the Notice of Claim is accurately allocated under the terms set out in the purchase contract. Extending your leasehold in this way is a highly effective and low cost way to increase the value of your newly acquired flat. In need of Lease Extension Advice in Bournemouth? If you want help with extending leases in Bournemouth , call our specialists for FREE initial phone advice on your Lease Extension,either ; |
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Lease Extension and Collective Enfranchisement Advice – specialists in extended lease applications, leasehold enfranchisement and the formation of a UK right to manage company
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