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Lease Extention | Adding Value


Lease Extension & Enfranchisement

 

We have no problem selling and marketing short and mid lease properties, it all comes down to getting the right advice.

 

At Napier Watt we believe in unlocking the potential in your property.

 

For many overseas buyers, the UK property market is a minefield, with confusing legal terms and the odd concept, that whilst you can pay millions for a property, you still may not own it forever. The main thing to remember is, not to panic, the existing system has worked successfully for centuries and professional advice is available. We work closely with a small selection of leading independent surveyors, who can guide you through the complex process of lease extension and can ensure that the process runs smoothly. For more information or to speak to an expert call 020 7935 0011

 

The majority of flats and many houses in Central London are held on leases, which reduce as time passes. In a good market the prices are less affected since prices are increasing, however in a poor market, and particularly when finance is difficult to obtain it is essential to have a clear understanding of how the value of the property is affected as the lease reduces.

 

The Law in relation to lease extension and enfranchisement.

 

The existing legislation gives most leaseholders of flats and houses the right to extend their leases or buy their freeholds, providing that the original lease was granted for a period of in excess of 21 years.

 

Houses the Leasehold Reform Act 1967 allows a lessee of a house, who has owned the lease for longer than two years (prior to the date of claim), to acquire the freehold.

 

Flats the Leasehold Reform, Housing and Urban Development Act 1993 allows a lessee of a flat, who has owned the lease for longer than two years (prior to the date of claim), to acquire a 90 year lease extension, at a peppercorn rent. Alternatively, a group of leaseholders are entitled to collectively acquire their freehold, providing that they satisfy the requirements as set out in the Act, this is referred to as Collective Enfranchisement.

Our surveyors will

 

Whether you wish to purchase a lease extension or the freehold of your property we can help. Our surveyors have a broad experience in Leasehold Reform work and provide a comprehensive service.

 

Having completed this we will act on your behalf in carrying out a valuation of the property in accordance with the RICS Valuation Standards (6th edition), both on its existing lease and on completion of the extension or enfranchisement. We will also provide you with our calculations as to the correct premium and the figures to be submitted in any trigger notice.

 

We will then liaise with your Solicitors who will serve the notice. Once the Landlord responds we can then negotiate on your behalf in order to achieve the best possible premium.

 

Our experience in this area means that we are well served to achieve the best possible result and our fees are on an incentive basis. In the event that we are unable to reach agreement with the Landlord, the matter may be referred to the Leasehold Valuation Tribunal (LVT). In these cases we will liaise with solicitors, prepare our valuation case and represent our clients at the hearing.

 

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