NEWS & EVENTS

Local property specialists have seen a marked increase in the number of residential leaseholders looking to extend their leases or buy the freehold of their property, and say it is partly due to the current economic climate.

That’s the view of Adrian Lazell of Roythornes solicitors, who was talking about the way in which extending the lease of a property can be a very worthwhile exercise:

"In a sluggish property market, extending a lease can be a relatively straightforward way of increasing the value of a property as it makes it more attractive to potential buyers.  It is particularly common where the owners are looking to sell a flat and want to maximise its value.   We have seen a noticeable increase in the number of cases this year. "

Adrian went on to say that another alternative is for a number of leaseholders in a block of flats to get together and purchase the freehold of their property as this avoids the need for each leaseholder to extend their lease individually. 

"There are a number of options, which need careful consideration.  The general rule is that the shorter a lease has to run the more it will cost to extend and as soon as a lease has less that 80 years to run it becomes a whole lot more expensive, so leaseholders who are approaching 80 years left on their leases would be well advised to seek an extension now rather than delay."

Anyone with questions about leasehold extension or purchase can call Adrian at Roythornes on 01733 585858.