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16-10-2013

A lease is a “wasting asset”. This means that the lower the number of years left to run on a lease, the less valuable the property becomes and the more expensive it becomes to extend the lease. The cost of obtaining a lease extension by statute is invariably more when there are under 80 years left to run on it.

It is therefore very important to obtain a statutory lease extension before the number of years left to run falls below 80 years if a higher price to extend it is to be avoided.

If a lease has less than 80 years left to run, it is still just as important to obtain a lease extension, as the price payable only increases the shorter the lease becomes.

A lease extension will maintain or even enhance the value of a property. It can, in the event of a sale, increase the marketability and saleability of a property.

Mortgage finance has proved difficult in the recent economic climate with an increased number of mortgage lenders reluctant to provide mortgages on properties with shorter leases.

How can Moon Beever help?

There are a number of statutory rights home owners have which they can exercise to maximise the value of their homes.

TESTIMONIALS

Standout firm known for its personal insolvency work for clients including private companies, individuals and governmental institutions. Frequently acts for insolvency practitioners, assisting with the realisation of assets, both in the UK and abroad.

Chambers and Partners

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