Who can benefit?
If you have a leasehold house or flat then you may have the legal right to extend the lease or even buy the freehold.
Why should I extend my lease?
- A leasehold interest exists for a fixed term. The value of a flat or house usually reduces as the lease length shortens whilst the cost of agreeing a new lease rises.
- Mortgage lenders often require a minimum length on the lease. Short leases can cause problems on resale.
What are the advantages to flat owners of sharing freehold ownership?
- Participating owners have the freedom to agree to extend or alter their leases as they see fit e.g. no more ground rent.
- Management and maintenance costs can be controlled by the residents who pay the bills.
How much will it cost?
We can advise you on your potential rights and options and the financial implications involved. Please contact us for more information and a free initial consultancy.