Extending Life Period Of Leasehold Property

By Author: Salvatore Andrea
Total Articles: 6240
Comment this article

The reason why a leasehold property is in desperate need of an extension is that to keep the property or flat alive and at the top-most ranking slot on the market radar. When you want to sell the property, you might not find any potential buyer, therefore, the better advice is to extend the life period of the leasehold property.

In today’s market scenario, buyers are more concerned in finding a flat with a prolonged lease life. They have the potential to pay more for a similar flat which has a prolonged lease life than yours. Hence, if you cut short the time of life period, you are more likely to settle for a value much lesser than the real market price.

Extend lease life

First, you need to reach at an agreement with the landlord on the price settled for the lease extension. The whole process will entail retrieving a formal valuation that ought to be conducted by a qualified surveyor. Do ask the surveyor to furnish you realistic valuation and also provide you with the highest and also the lowest price for lease extension so that you can ...
... compare both. In the process, the surveyors will also advice you on how much you ought to offer to the freeholder.

It is obvious that the freeholder can demand a very high value on the extended life. At this point, things can turn complicated so you need to negotiate an agreement. In case of any disagreement, reports furnished by the surveyor can highly enhance the negotiating power. Apart from seeking help from the surveyor, seek help from the solicitor too. He is an expert in leasehold extensions.

Hence, at the end you get to enjoy from leasehold management services from the solicitor and also extend life period of leasehold property without any dispute.