Lease Extensions
If you occupy a flat on a lease this is effectively a wasting asset and the lease reduces each year by one year. Once the lease gets below 80 years there are some significant implications for the leaseholder, and once it gets into the 70s that will generally become unmortgageable in the eyes of the banks and building societies.
There is legislation to enable you to extend your lease and an experienced chartered surveyor will be able to help you calculate the cost of the premium, give you guidance with regard to the overall costs and also how to find a suitably qualified solicitor to handle the lease extension for you.
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