Olden Property Consulting will guide you through this complicated area of residential leasehold valuation. We will establish:
- whether there is qualifying interest,
- determine the likely premium a leaseholder will pay for the freehold interest or lease extension and, then
- negotiate the price on our client’s behalf.
If an amicable settlement cannot be reached, we will prepare reports for and attend the Leasehold Valuation Tribunal on behalf of our clients.
We will also advise party’s involved in the acquisition or sale of short leasehold interests. Advice received before the acquisition of a short leasehold interest will enable the purchaser to make an informed decision regarding the future premium payable to extend the length of the lease.
Our team have extensive experience of valuing property throughout London and the South East of England for lease extensions and leasehold enfranchisement purposes.
Why should I extend the lease on my property?
The shorter the term of the lease, the less valuable the interest in a property becomes. Shorter leasehold interests are also more difficult to sell as banks and building societies are often reluctant to provide mortgages for leases under 80 years.
How can Olden Property Consulting increase the value of my property?
Reforms to legislation, including the Leasehold Reform Act 1967 and the Leasehold Reform, Housing and Urban Development Act 1993 have provided leasehold owners of houses or flats with the ability to acquire the freehold interest of their property or extend their leasehold interest.
By extending the lease for an additional 90 years a leaseholder can increase the value of the interest in their home or property. When a leasehold interest has less than 80 years to run, marriage value is included in the valuation which increases the cost of the lease extension. Extending your lease could significantly increase the value of your property.
Please contact us for a free initial consultation about lease extension or leasehold enfranchisement. Contact Julia Prom with any leasehold enfranchisement queries on 077 0880 7362 or on firstname.lastname@example.org.