Extending A Residential Property Lease
If you have a residential property and the residential lease is coming towards the end of its term, you may be thinking of taking action to ensure that it does not become valueless.
At CP Law Associates, our experienced property team can help you to negotiate a new lease with the freeholder, or if you meet the qualifying criteria then we can prepare you for legal proceedings to ensure that you have a new long lease granted. Our property team would advise you to begin looking at extending your property lease before the remaining years on the property lease drops to 80 years or below.
If you own a property, where the lease has less than 60 years left, then you can be faced with additional problems when it comes to selling the property, as many lenders are less likely to grant a mortgage.
To fix the price of a lease extension can be complicated, but there is a useful calculator that can help you get a better understanding – lease calculator.
It is worth noting that you will have to pay a premium to the landlord but this will not be the only cost involved, you may also be required to contribute towards the landlords legal costs and pay your own legal costs.
But, the advantages of proceeding with a lease extension far outweigh the costs involved and if you decide to do nothing then this will likely cost you more in the long run. As your lease becomes shorter the cost to extend it will increase.
Contact Us
The team at CP Law Associates are here to discuss the options that you could have, with you and our initial discussion is free of charge.
Contact Us
Contact us today for a free, no-obligation quote.