When you own a leasehold property, you own that property for a fixed period of years only. Increasingly mortgage companies require longer and longer terms on leases before they will provide a mortgage. This has a direct effect on your ability to sell a flat or house with a short lease and on the value of your property.
There are various rights in law for you to extend your lease or buy the freehold of a leasehold house. However, there are other options where you need to sell the property quickly or do not have funds available to pay for a lease extension.
Clarke Mairs LLP has vast experience in acting for both Landlords and Tenants throughout the country in residential leasehold matters and in particular in extending leases and buying freeholds. They can guide you through the whole process – from valuation to completion – providing clear advice at each stage.
Clarke Mairs’ expertise in this complex area is recognised by their membership of the Association of Leasehold Enfranchisement Practitioners (ALEP) (www.alep.org.uk/).
For further information about how they can help or to request a quote visit http://www.clarkemairs.com/client-services/leasehold-enfranchisement/ or call Katy Rushworth on 0191 2454725.