Find out why and how you should extend your lease.
Let’s be honest – leasehold law in England is a mishmash of laws dating from William the Conqueror! The good news is that recent reforms have given leaseholders more rights. For instance, in 1993 we were given the right to extend a lease after two years of residence. The bad news? Too many leaseholders still don’t appreciate the importance of doing so.
Why is 80 years a key figure? A lease of 80 years and above can be extended without the need to pay a lump sum (aka marriage value) to the freeholder. There will be costs but they will be limited to professional fees for surveyors and solicitors.
But once the lease falls below 80 years, the concept of marriage value comes into play. Confused yet? Don’t be. Come along on Monday 20th April where surveyor Steve Barrable of Hull & Co will talk through the lease extension process, and of course the costs, and answer questions. Steve has many years of experience working on extensions and freehold purchases of Warner flats.