LEASEXTENSION

Leasextension is a partnership between Lancaster Brown Chartered Surveyors and BACI LLP Solicitors, specialising exclusively in lease extension and enfranchisement matters.


Contact

Leasextension
83 Stanmore Hill
Stanmore
Middlesex
HA7 3DZ

Gary Silver FRICS
Lancaster Brown
gary@lancasterbrown.com
info@leasextension.com
Telephone: 020 8385 7007

Jonathan Ingram
BACI LLP Solicitors j.ingram@bacisolicitors.co.uk
info@leasextension.com
Telephone: 020 8349 7680


Telephone: 020 8385 7007 / 020 8349 7680
info@leasextension.com

extending your lease
the one stop approach



Time To Act

It is well documented that the property market has suffered from falling
capital values over the past 12/18 months.

 

It is reported in the local and national press that capital values have
decreased in some areas in a range of 15-30%. Whilst the decrease in
capital values is not welcome, it does provide an opportunity to obtain
a lease extension at a much lower value than would have been the
case over the past 3-4 years.


Lease Extension

As an owner of a flat your rights to obtain a lease extension have
been significantly improved over the course of the past 20 years.

 

In 1993 a major section of legislation was passed known as The
Leasehold Reform Housing and Urban Development Act 1993. The Act
was revised and improved by The Commonhold and Leasehold Reform
Act 2002.

 

There are various qualifying rules which a flat owner has to pass in order
to qualify for an automatic lease extension. The rules have been simplified
by the introduction of the 2002 Act. For example an owner of a flat no longer
has to reside in the flat as their main residence, but must have owned a flat
for a period of 2 years in order to serve a valid Notice uponthe freeholder.

 

The date of valuation for a lease extension is set as the date upon which
a valid Notice is served upon a freeholder. The legislation which has been
introduced in recent years enables lessees to obtain an extension to their
present leasehold interest of 90 years and the reduction of the ground
rent to nil.