The general rule is that the shorter the lease the more expensive it is to extend and the lower the asking price. Extending a shorter lease to a decent length can add thousands to your property’s marketing value. However, with a short lease your flat may depreciate in value. As the number of years on the lease continues to decline, the depreciation gathers momentum. If you have a short lease and are considering selling your flat, you may encounter difficulties in realizing what you think is its full value.
Leaseholders with a lease approaching 81 years unexpired should extend. As soon as a lease has less than 80 years to run, under the relevant legislation the Landlord is entitled to calculate and charge a larger amount, based on a technical calculation, and somewhat strangely known as “marriage value” which is payable to the landlord.
Lease extension protects the value of, and adds value to, your property. The only practical way of preserving the full value of your flat is by acquiring a longer lease. Having a longer lease will make it easier for a purchaser to obtain a mortgage, and therefore your flat will be more attractive relative to others with shorter leases: this is the main reason a longer lease adds value to your flat. The cost of extending your lease will increase as prices rise and as your lease length declines over time.
Buyers of a Leasehold property generally look for properties that have a minimum of 95 years; anything lower than that can jeopardise resale potential. A flat with a lease of 100 years is worth roughly the same as a property with freehold.
Please call us on 0207 183 0084 or email us on property@olaleslie.com if you want to extend your lease or want to explore buying the freehold and to ask us about any reservations or queries that you may have; we are always happy to assist.
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