If you are looking at extending your lease either in Salisbury, or in fact anywhere in Wiltshire, you’ve come to the right place. Here at Salisbury and Amesbury Solicitors, Bonallack & Bishop, we have a 5 strong team who do nothing but lease extension and freehold purchase work – possibly the most specialist and largest team of its type in the country. And as you can see, this particular website is dedicated to lease extension alone.So you know, when you instruct us, that you’re getting real specialists. And that’s important, because most property solicitors only come across lease extensions from time to time – especially in rural areas like Wiltshire. and we can confidently say that there is no law firm anywhere in Wiltshire that comes anywhere near our specialist expertise in extending leases.
And over the last 25 years, we have helped something like 10,000 people extend their leases or by the freehold of their block.
When should I extend my lease?
Extending the lease on your property is usually best done sooner rather than later. The reason for this is that the cost of extending your lease is based on 2 main factors
1. the market value of your flat – so at a time when property rights prices are high or worse still, rising, any delay in extending your lease is going to lead to more costs
2. the remaining length of your lease term – once the lease drops below 85 years you should really consider extending it. In particular because the moment that lease drops below 80 years, the price you’re going to need to pay to extend your lease (known as the premium), goes up – because your freeholder is entitled to charge an additional payment – called marriage value
Click here to read more about lease extension marriage value
Why Bother Extending My Lease?
· It’s easier to sell your flat when it has a long lease.
· A lease loses value every day as it gets closer to the end of the lease, whatever the economy is doing.
· The cost of extending the lease is partly based on the value of the flat at the time the leaseholder formally tells their landlord they are seeking an extension. This means the leaseholder is at an advantage if prices then start to increase again.
· You have the legal right to extend your lease in most cases. Your legal right to extend your lease by 90 years is known as the formal statutory method – though it is also possible to negotiate informal or private lease extensions with your freeholder – though this type of voluntary agreement does come with risks.
Click here to read more about voluntary lease extensions
· Prospective buyers will find it difficult to get a mortgage if the lease on your flat is less than 70 years.
· If your lease has less than 80 years to run, it will get increasingly expensive to extend as it is then liable for something known as Marriage Value, which means you have to share any profit from the increase in value of your flat with your landlord.
Thinking of extending your lease? For legal advice you can trust, call us now
Although our specialist leasehold extension team is based in Salisbury not only do we regularly handle cases throughout Wiltshire, but our client base for this particular specialist service is nationwide.
And Although we always like to meet our clients, when it comes to lease extension work we don’t even need to see you – taking your instructions by e-mail, phone and Zoom video:
So if you’re thinking of extending your lease;
- Just call us on Salisbury (01722) 422300 for a FREE initial phone consultation and a FREE quote for your lease extension, OR
- Complete the email contact form below