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Lease Extensions

If you have owned your leasehold property for more than 2 years and/or it has less than 70-80 years left to run, you may wish to consider extending the term on your lease. By extending your lease, you are increasing the number of years remaining on the term and therefore making the property more attractive to lenders who usually will only lend money if there is a term of more than 80 years remaining. It goes without saying, a longer lease will also increase the value of the property.

You can extend your lease in one of two ways, either by meeting the criteria set out in the Leasehold Reform Act 1967 (for houses) or the Leasehold Reform Housing & Urban Development Act 1993 (for leases over flats) or by entering into negotiations directly with the freeholder. Whichever method you choose to extend your lease, our property team would be only too pleased to assist.

Ms Shalima Hussein

I instructed Saracens after five attempts to buy a property and was in honesty nervous and tense at the outset. Saracens were patient throughout this time and afforded me flexible advice and assistance Continue Reading

March 8, 2016

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