Residential Lease Extensions

Many properties, and in particular flats and maisonettes, are bought on a long leasehold interest, a large proportion of which originally had a term of 99 years.

As the remaining term gets shorter and especially when there is less than 80 years remaining on the lease the value of the property may become affected and a number of building societies may not be willing to grant mortgages.

The Leasehold Reform Housing and Urban Development Act 1993 as amended by the Common Hold and Leasehold Reform Act 2002 provides, subject to certain qualifying criteria, for the leaseholder to extend their lease, thereby creating a more valuable asset and enhancing the saleability should there be a shorter lease term.

EHB Residential Surveys Ltd specialises in the valuation and calculation of the premium to be paid for new lease under the terms of this legislation.

Many flat owners owning properties in the same block collectively wish to purchase the freehold and this is known as enfranchisement.

The price to be paid for the freehold is again governed by the Leasehold Reform Housing and Urban Development Act 1993. EHB Residential Ltd carries out valuations in this specialist field.