Would you pay full price for a property that only had a short lease remaining? It’d be madness if you did. It wouldn’t be long before you were for a Lease extension and that could cost you many thousands of pounds. On the other hand would you let the lease run down on your property until it was at an alarming rate? That would be financial suicide. If you let a lease drop too low it’ll destroy the market value of the property and you could have trouble selling it in the future. What’s the answer? Take out a Lease extension whilst there’s still time. Getting a Lease extension doesn’t have to be a problem, just speak to George Pope Leasehold Enfranchisement they know all there is to know about freehold purchase.
In most cases you take out a Lease extension for 90 years. Check out the fine print on your current lease to establish when the Lease extension might be due. If you still have 90 years on the lease there won’t be a problem, the same can be said for 85 years or above. However if the lease has less than 85 years to run now’s a great time to think about a Lease extension. Let it dip below 80 years and you could have a few problems so do your utmost to get a Lease extension at this time. Don’t let it fall below that figure or you’ll pay an excess for a Lease extension so speak to experts in the industry that deal with freehold purchase all of the time.
Try to secure a Lease extension on a short lease property and this can be a pricey business. Why do you think people steer clear of flats at auctions that only have short leases? They know that a Lease extension will wipe out any savings they make on the purchase price. The Lease extension could wipe out any future profits they planned on making on the property. Mortgage lenders don’t like to lend money on properties that only have short leases. However they might extend your mortgage if you want to extend the lease and it has 80 years or more remaining at the moment. So the advice is to act fast and extend the lease whilst you can, visit www.georgepope.com for further details, they’re the experts at freehold purchase.
Lease extension by georgepope.com. George Pope Leasehold Enfranchisement have assisted clients with freehold purchase and lease extensions since 1977 and are now one of London’s leading chartered surveyors. Visit their website today if you’re looking for freehold purchase.