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Lease Extension Fact Sheet

Lyndales LEASE EXTENSION FACT SHEET When to extend your Lease? 80 |FOR SALE years If your lease is approaching 80 years remaining or less. You are considering seling the property in the near future You want to meximise the value of the property. The best time to extend your lease is before it reaches 80 years or les. Once the remaining lease term is below 80 years, the Landiord is entitled to clain 'mariage value which will increase the premium you will pay. The mare years left on your lease, the lower the premium will be. To increase value. Why? To reduce ground rant to nothing l'a peperoam rent" To remedy any lease defects. Do I Qualify? As long as you: Own a long lease (over 21 years) You have owmed the Property for at least 2 years * You are entiled to a statutory lease extension. Sare fermel ndika ngusting 130 yr lese Your siclu l Identily the Instruct a How? competant i i Surveyor Noice negueding alese Extension landord preniun fff Cost? f|f Your own legal and surveyor's fees Landlord's reasonable legal and Surveyar's fees Once the Notice has been served, the Landord is entitled to for paying his request pay If referred to Tribunal, the Landlord becomes responsible Own fees ment of a from that 10% deposit (being 10% of the amount offered for the lease extension). point How to pay? Lease extensions can be EKDensive. Make sure you heve sufficient funds available. Cost depends on the length of lease remaining, the proper- ty's value and ground further amounts for rent peyable. Some mortgoge providers will end Onca terms are agreed you will have a maximum of 2 months to complete the lease extension lease extensions. Failure to do so can result in th landlord refusing to complete and you may have to start the procedure again, although you will stil have to pay the Landord's legal and surveyors fees incurred in addition to your own. IR- Instruct your solicitor to prepare and serve the formal Notice 5 - Contact Landlord to see if prepared to extend without notice 4 - Instruct a solicitor to check your Lease I 3 -Think about financing for the lease extension 2 - Instruct a surveyor to value the lease extension - Get a copy of your lease - How to start? ? ? Any Questions? Please contact Kay Piper at [email protected] for a quote or for any other information Lyndales SOLICITORS Straight Talking, Plain Speaking, No Nonsense Solicitors >>>>>

Lease Extension Fact Sheet

shared by taylordavies8788 on Mar 04
The best time to extend your lease is before the remaining years reach 80 years or less. Once the remaining lease term is below 80 years, the Landlord is entitled to claim 'marriage value' which will ...


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