Know-How Of Extending A Lease On A Flat

1. Know-How OfExtending A Lease On A Flat
The process of extension of a lease is a method of preservation and significant
increment of your property’s valuation. It is also an area of specialization and expertise
for the lawyers in business. If your property is situated in a place where the valuation
is increasing at a steady rate, then extension may fetch you a lot of money. All you need
to do is to avail permission from property’s freeholder. It is legal now and can easily be
done by paying a certain amount of money. If you are sure your money is going to have
a huge return-on-investment, you can go ahead to extend it.
A lease is a form of tenancy; only its duration is of 99 to 125 years. Extending a lease
is necessary. Else, it will expire, and your landlord will have it back. Hence, you can
either extend or sell the property so that you have value for money. The idea of a
freeholder is simple. You will have to pay him money for certain maintenance costs
during the period of undisturbed inhabitation. It is a rent policy with a long period.
While houses are owned by freeholders, flats often have leaseholders.
As flats have leaseholders, in general, there is a need for extending the lease once your
period is running out fast. Else, you might have to sell it. Extending a lease on a flat is
a simple task, and you should do it if you are not thinking about selling it immediately.
Also, if you have less than 80 years of the lease, you should think about extending it
now. As the cost of extending increase vehemently as the years decrease, a wise and
prompt decision-making in this regard is necessary. Else, it will also become harder to
sell in the future.
If you are wondering about how to extend a lease, then you should better ask an
expert solicitor for that matter. There are multiple agencies that provide great service
to your need. A good agency even provides free advice over the phone initially. Then,
they send an expert team that would handle the case from beginning to end along with
a team of experienced surveyors. The whole process can be translated to you over the
phone, or they can even make arrangements for meetings. If you are thinking about
extending a lease anytime soon, make sure you contact them for professional service.
Apart from the extension, there are other processes that you can perform to secure
your lease. The lease extending agencies will explain it all to you. You can do
something known as collective enfranchisement. It is a number of leaseholders coming
together for buying the freehold for their flat blocks. It will ensure you have gained
extended rights over your property. Also, they may propose you about the right to
manage a company. By doing this, you can make your landlord give you the right to
manage the property you own. All these and many more can be done for your
property’s best interest, so just contact a lease extending agency today.