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Is your lease too short?

If your lease is below 80 years, this may well push a buyer’s interest away from your property and into choosing a property with a longer lease or share of freehold. So, it is in your interest to know your rights under The Leasehold Reform Housing & Urban Development Act 1993, and understand the implications on a perspective buyer e.g. the fact that a buyer would have to have owned the property for 2 years before having the right to extend the lease.

A purchaser might want you to extend the lease prior to sale or (in order to avoid a 2 year wait before obtaining the right to extend) assign your right to an extension to them (as the 1993 Act allows), thus you should seek professional advice about the procedure and cost implications of extending the lease to fully understand your options.

Martyn Gerrard’s Professional Department has dealt with a many lease extensions and enfranchisement cases, from desk top valuations, costing as little as £300 plus Vat for a quick appraisal (for either your own use or to aid in the sale of your flat) through to representing clients at the Leasehold Valuation Tribunal.

To discuss your case, and give you a better chance of selling your flat please call Saul Gerrard on 0208 444 3445 or saulg@martyngerrard.co.uk