Do you know the length of your lease?

by Readers Question

10:33 AM, 4th April 2016
About 3 years ago

Do you know the length of your lease?

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Do you know the length of your lease?

The title says it all …. do you? And if you don’t, why not?time

Did you know that the length of your lease has a direct impact on the value of your flat. It always surprises me when clients realise the length of their lease in a panic, either because they are trying to release equity, re-mortgage or sell.

It’s worth checking and if it is approaching 80 years and you have owned (and been the registered owner) for at least two years, extend your lease without delay. Why 80 years? Simple ….. once the lease falls below 80 years, additional compensation known as “marriage value” is payable to your freeholder/landlord which would otherwise not be payable if your lease was above 80 years.

Always take the right legal and valuation advice to ascertain your eligibility for extending your lease and the likely premium payable.

Katie



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