Do you need to extend the lease of your home or buy the freehold of your home?
Contact Burtonwoods for a cost effective and bespoke service.
Why extend your lease?
Having a long lease on your home can significantly increase the value of your property and help you:
- Achieve a better sale price
- Make it easier to mortgage your home
- Ensure that you can continue to benefit from and live in the property for as long as you want
When and how should you extend your lease?
You should be looking to extend your lease if it has 90 years or less remaining. If your lease has less than 80 years remaining then the price of extending your lease can increase significantly.
If the freeholder of your property does not want to extend your lease, or you cannot reach an agreement about the terms of the extension, you may need to use the statutory processes. You must be the registered owner for at least 2 years before you can rely on the statutory processes.
How much does a lease extension cost?
The cost of a lease extension depends upon the number of years remaining on the lease, the value of the property and the negotiations with the freeholder. The freeholder will also incur legal costs which you will usually be responsible for.
It is worth noting that if you have less than 80 years left on the lease then the premium which you will have to pay to extend your lease could rise significantly.
Why Burtonwoods for your lease extension?
Leasehold enfranchisement is complex and here at Burton Woods we draw upon our 15 years’ experience to manage the whole process for you.
We can help steer you through the process from beginning to end and help you extend your lease efficiently and professionally.
Are you buying the freehold of your leasehold home?
Why buy the freehold?
If you buy the freehold or a share in it, you will have more control over what happens to the property including:
- The management of the building
- The building maintenance costs
- Lease extensions and variations
How do you buy the freehold?
Collective enfranchisement means the purchase of the freehold by the leaseholders of the property. You need most of the other leaseholders of the building to buy the freehold with you.
If a freeholder wants to sell the freehold, it must by law first offer to sell it to the leaseholders of the property, unless you have a social landlord. If your freeholder does not want to sell the freehold, you may have to use the statutory processes in order to buy the freehold.
How much will it cost to buy the freehold?
The cost of buying the freehold depends on the number of years remaining on the leases, the value of the property and the negotiations with the freeholder. The freeholder will also incur legal costs which you will usually be responsible for.
- As a Law Society Conveyancing Quality Scheme accredited firm, our conveyancing processes and procedures have been proven to have reached a high standard
- We will guide you through the processes and give you clear advice on your options should you run into difficulties
- You will deal directly with a named conveyancing lawyer in the firm
Call us on 020 7636 2448 for a free quote and more information on our lease extension and freehold purchase services. Or send us an enquiry using the form on the contact page.
We will explain the process and give you the information you need to move to the next step.