If you need to extend the lease on a property, our experts can help.
A lease extension is the process of paying the landlord (or freeholder), a sum of money, sometimes referred to as ‘compensation’ to extend the lease remaining on a property.
If you are the leaseholder of a property, you are effectively renting it for a certain period of time. If the lease remaining drops below 80 years, the value of the property will decrease and the price to extend it will begin to increase sharply.
In addition to this, shorter leases may also impact the sale of your property as it will be less attractive to potential buyers and mortgage lenders.
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