Many of us buy homes with a lease of around 99 years and mentally note the cost of extending the terms increase each year. Just how quickly they accelerate can be sobering. By the time a lease reaches 60 years it can cost homeowners as much as 1% of their property’s value. Every year. We advise our clients to act well in advance, and not just to save money. Properties can become un-mortgageable at 68 years because mortgage companies will only lend on properties that have 25 years, plus the term of the mortgage left on a lease.
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Negotiate a fair price
To help avoid these pitfalls we work with you from the very start to make sure your management company drafts appropriate lease terms. As well as understanding the nuances to secure the best outcome, we negotiate a fair price that both you and the management company are happy with. We also provide a full service for clients looking to benefit from the value of conveyancing experts. We draft the new lease and ensure that this is registered with the Land Registry so you can enjoy your new home, without the post move stress.
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