|
Dear Lease owner
Re: Leases with less than 80 years remaining
It has come to our attention that many Flats and Maisonettes
built before 1988 have short leases that are daily reducing
the value of their flat. As Chartered Surveyors who carry
out valuations for mortgages and specialise in work for
extending Leases (and other Leasehold rights) we are very
aware how changes in lending rules and the national economy
are affecting the value of your property. Many people don't
realise just how bad the problem may be until they come
to sell their property, then suddenly when they think they
have a buyer they discover they have to get a lease extension.
When that happens it gives your Landlord the upper hand
and you will almost certainly pay considerably more for
a new Lease.
In the current property market, mortgage lenders are tightening
their lending rules, it seems that high percentage mortgages
are a thing of the past, we are also told that some require
at least 50 years remaining on the lease in addition to
the length of the mortgage. That means that for a buyer
with a 25 year mortgage the Lease must have at least 75
years to run. Given that some mortgages are for even longer
terms you can see why it is important to get your Lease
extended as it reaches 80 years remaining and long before
you are even considering selling your flat. Under the provisions
of current legislation, provided you meet all the criteria,
you can buy a new Lease which will add 90 years to your
existing lease and get your ground rent reduced to a peppercorn
(the smallest amount possible).
Because we specialise in this field it pains us to see
Leasehold owners paying dearly to extend their Lease because
they leave it too late. There is a system laid down by Parliament
to do something about it, but as you are no doubt thinking,
there is time and costs involved, the whole process can
take a year or more. Obviously your Landlord will want to
get the highest price for extending your Lease and will
be unlikely to inform you of your Legal rights. That is
why it is important to get the right people on your side,
people that know what rights are applicable to your situation,
who know the problems and will help you though the process.
There is also a Government funded organisation called L.E.A.S.E
that has a web site giving free advice.
This letter is meant to advise that you have rights and
hopefully start you thinking about the situation. Of course
it is an advertisement of the services we provide, but we
wouldn't be advertising if we didn't think we were the most
dedicated and reasonable specialist in this field. Next
we invite you to check out the further
information provided including frequently asked questions,
and then email us for a quotation.
|
www.tranquilit.net