For More Information Call: 01279 870610'

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.

 

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