Why Appoint Lease Extension Surveyors?
Experienced lease extension surveyors work alongside freeholders and leaseholders, valuing a landlord’s property and helping with the often complicated process of lease extending.
If you’re the owner of a leasehold property, you probably know already that as your lease shortens, its value reduces, too. Sure, this doesn’t cause issues while you’re living in your property, but a short lease can pose problems when you want to sell it.
Most buyers are cautious about shorter leases, and several banks won’t lend if a lease is below 85 years.
Who Can Apply for a Lease Extension?
If you want to be eligible for a lease extension, you must own a long lease of generally 21 years from the date it was initially given. Also, you must have owned your property for at least two years or be finishing an extension process that began when a previous, suitable homeowner served notice.
But, if the building is offered as part of a charitable housing trust or is a business or commercial lease, it's exempt.
What Happens?
A lease extension entails the leaseholder serving an official notice on the freeholder. The said notice must include a proposed premium, so we advise getting a lease extension valuation beforehand. If a proposed premium is too low, this may cancel the notice. However, if it’s too astronomical, this can compromise your negotiations. As soon as the notice has been completed, normally, the freeholder will serve a counter-notice that invalidates the proposed premium, asking for a larger amount. Next, both parties must decide on a settlement sum within a couple of months, otherwise, the case gets passed on to a tribunal for resolution.
Why Hire Lease Extension Surveyors?
Because the legal processes around freeholder compensation are complex, it’s vital to seek the expertise of a reputable lease extension surveyor with knowledge about leasehold law.
A qualified surveyor deals with the valuation report, showing the cost of the lease extension, arming you with the knowledge you need to make a wise choice on how to move forwards.
Every case will have numerous variables, which are often debated among valuers, so hiring a reliable lease extension surveyor to negotiate on your behalf is critical. Be sure to appoint a company with a professional understanding of valuation methods, local property values, case law, and statutes so that you achieve great results.
Contact Us!
Thankfully, the lease extension surveyors at Kirkby Diamond deal with thousands of clients annually to extend their leases. Wherever you’re based, rest assured we can assist you with the legal side – we know what we’re doing when it comes to lease extensions! Drop us a line at info@kirkbydiamond.co.uk.