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Is it time to extend your residential Lease?

The extension of a residential lease under the Leasehold Reform Housing & Urban Development Act 1993 (as amended) can be a daunting process. Graves Jenkins have extensive experience working with leaseholders and freeholders across Sussex, Surrey and beyond and can help clients make informed decisions and achieve best value.

Whether it’s a single lease extension or a collective freehold purchase, our RICS Registered Valuers can advise on the premium payable. Our service includes an inspection of the property, market research and premium calculations within a user-friendly report. We also provide recommendations on how to proceed thereafter, but are equally happy to negotiate premiums on behalf of clients and liaise with their legal professionals to ensure the process is as efficient as possible. Our fees are competitively priced and transparent, such that clients are not subjected to unexpected costs.

Associate Director, Adam Nelson MRICS comments “timing can be a crucial factor, particularly for leaseholders. Whilst reform is on the horizon (however distant that may be), the cost of a lease extension increases significantly when the unexpired term falls below 80 years. This can negatively impact the value of the leasehold interest and lead to issues when selling a property. As such, a valuation prior to marketing can inform pricing decisions and assist with consideration of offers if a decision not to seek an extension from the freeholder prior to sale is made”.

If you have any questions regarding the lease extension or enfranchisement process then please contact Adam Nelson on 01293 401040 or nelson@graves-jenkins.com, who would be happy to discuss your requirement.    

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