Residential Lease Extensions

Leaseholders have the right under Law to extend their leases by 90 years and to reduce the ground rent payable to nil.

However, compensation has to be paid to the freeholders for the loss in their value. This process is quite complicated and you will need the services of an experienced valuer.

Ashwell Rogers have a great deal of experience in the valuation and negotiation of the prices which have to be paid by leaseholders to extend their leases or, acting collectively, to buy their freehold. Because of work done for a major Housing Association in Soho, our experience, though gained in many areas of the South East, is especially strong in the Soho area.

Ashwell Rogers has valued all 12 flats in this block

Lenders are increasingly reluctant to lend on the security of a flat with fewer than 70 years to run.

This makes your flat almost unsaleable. A buyer, even if he or she can find the money, has to wait for a further 2 years before being able to start the process, so not extending your lease can be a major drag on the market when you come to sell.

Usually your existing lender would give you a further advance to cover the cost of the extension as their security is greatly improved.

Our fees are extremely competitive.

The initial assessment, which will give you a price to insert in the official notice which you need to serve on the freeholder, is £500 per flat (plus VAT).

We will carry out the negotiations on your behalf for a fee equal to 10% of whatever we save you. If we save you nothing you pay no further fee. (we’re happy to say this has never happened!).

Click here for a free consultation and further information.