LEASEHOLD EXTENSION
If you own a leasehold property, you may know that as the term of your lease approaches, its value decreases. This may not be an issue while you’re living in your home, but when the time comes to sell, you could encounter problems with buyers who are either wary of a short lease or unable to get a mortgage on it.
If you meet the qualification criteria, Trinity Rose Chartered Surveyors can help you apply for an extension under the Leasehold Reform, Housing and Urban Development Act 1993.
Read more about how a leasehold extension can benefit you, then contact Trinity Rose Chartered Surveyors to conduct a valuation in readiness for an application.
Leasehold extension valuations to add value to your leasehold property
As time passes, the lease on your property will get shorter, negatively impacting the value of your lease and making it more expensive to extend it. Without a leasehold extension it can often prove difficult to sell a property as short leases are considered undesirable and lenders are usually unwilling to grant mortgages on leases of 70 years or less.
Is it a good idea to extend a lease?
If you have a short unexpired lease term left on your home, Trinity Rose Chartered Surveyors can carry out a specialist leasehold valuation and help you apply for a period of extension using a Section 42 notice under the 1993 Act. A successful application for a flat will add 90 years to the term and 50 years for houses.
If you extend your lease term, you’ll not only be adding value to your property, you won’t have to pay ground rent for the remainder of the extended lease either.
Trinity Rose Chartered Surveyors has a team of leasehold extension specialists who are highly experienced in negotiating and securing lease extensions. If you’d like to find out more about the process, please get in touch.
- RICS-certified leasehold extension valuers who understand the complexities of the leasehold law process
- A valuation report will provide an indication of the cost of the lease extension so you can make an informed decision
- Specialists in leasehold extensions who have expert knowledge of local property values, valuation procedure, statute and case law
- Valuation advice is intrinsic to the lease extension process
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“Very professional, always kept well informed. We had tight timescales, Richard expedited our survey and report, as well as giving us an initial overview. We had a full structural survey done as we hope to stay in the property for a long time. Not only did this address immediate needs but the information about the structure/build will be invaluable for future renovations/maintenance. Thanks to Richard and Mark’s report, we really are not going in with our eyes shut. I would definitely use Trinity Rose again and would highly recommend them”.
Liz H
Trinity House, 123 Winchester Road, Chandlers Ford, Hampshire SO53 2DR
t: 01962 880426
Trinity House, 123 Winchester Road, Chandlers Ford, Hampshire SO53 2DR
t: 01962 888900
Trinity House, 123 Winchester Road, Chandlers Ford, Hampshire SO53 2DR
t: 02382 002500
