Extending your lease can boost property value
Did you know that our Chartered Surveyors provide expert advice for extending your lease?
As a lease gets shorter, the property becomes less valuable. A short lease can also become an issue for mortgage lenders and therefore potential buyers.
But there’s no need to wait until you are planning to sell before extending your lease as it can be done at any time. However, the price payable to the freeholder is affected by a number of variables, such as how many years remain on the current lease.
Recent case studies on our website show how much homeowners paid their freeholders for lease extensions, and the resulting increase in their properties’ values.
Every case is unique so the best place to start is by getting professional advice. Here at Henry Adams, we'll explain your options and the likely costs involved.
The Government also announced in January 2021 their intention to simplify the Lease Extension process. If you want to know how this might affect you, or you’d like to discuss extending your lease, please get in touch with Guy Peters, MSc MRICS, at guy.peters@henryadams.co.uk or call Guy on 01243 521 811.
