Leasehold Extension

Enhancing Your Property’s Marketability

Leaseholders are aware that time reduces the time remaining on their lease. This reduces the value of the property, which means that when you decide to sell, you might not have any equity to collect. Buying the freehold is a way to enhance the property’s marketability. You can also extend the leasehold to make the value of the property more attractive.

Eye Watering Ground Rent

Some leaseholds include ground rent even after the landlord has granted an extension. Ground rent could also increase every year, leaving the leaseholder with an eye watering ground rent bill. But did you know you could extend your lease to 99 years or even 160 years and without a ground rent bill?

Reforms Protecting Home Owners

The government has proposed reforms to ground rent charges in order to protect home owners. Did you know that a freeholder must serve leaseholders with a Section 166 Ground Rent Demand Notice every time ground rent is due? Without notice served by the freeholder, a leaseholder is entitled to refuse or simply not pay ground rent. Also, the freeholder cannot increase ground rent unless it is stated in the lease, including the allowable increase amount.

Weighing Up The Lease Extension Cost

Bear in mind the amount of ground rent you do have to pay against a lease extension, and weigh up the cost against ground rent when you do have to pay it. Also, have in consideration the fact that if your freeholder doesn’t serve you with a proper notice, you don’t have to pay ground rent at all.

If you would like advice on lease extension and ground rent costs, please give us a call for a no commitment discussion. SG

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