Here at Salisbury Solicitors, Bonallack & Bishop, we are delighted to announce that our Lease Extension Team has grown!
Jennifer Slater a Trainee Solicitor at the firm has this month joined Niki Adkins and Samantha Davies during what is a very busy time for the Lease Extension specialists, given our plan to double the amount of leasehold extension work we carry out in the next couple of years.
Following the recent economic downturn, Mortgage Lenders have become reluctant to lend on leasehold properties with less than an 80 year term remaining, whereas in the past they would have accepted properties with a little as 70 years left. This has led to a dramatic increase in the number of people wanting to extend their lease before this time.
Bonallack & Bishop’s senior partner, Tim Bishop, explains “Leasehold owners are finding it more and more difficult to sell their properties where the lease term has fallen below 80 years, and this is due largely to the fact that mortgage lenders’ requirements have become increasingly onerous as far as length of the lease term is concerned. This means that potential buyers are unable to obtain a mortgage to buy such properties making them essentially unsellable, unless a cash buyer can be found.
“The only option for a leasehold seller who finds themselves in this position is to extend their lease, increasing the lease term and making the property mortgageable again.
“Sadly those who leave lease extension until there is 80 years or less remaining on their lease will find that the premium payable to the freeholder goes up dramatically.
Tim adds, however “It is not all doom and gloom! Our Lease Extension Team can help you today. The sooner you look to extend your lease the lower the premium you will have to pay to your Freeholder. Our Team are experts in lease extension and can advise you on the best route to take. Not only that, the Team are in contact with valuation experts who can advise you of a fair offer price for the Lease Extension to ensure that you don’t pay more than you have to.”
Considering Extending Your Lease – get in touch with Us Today
If you’re thinking about a lease extension, its really important that a specialist solicitor to help you because the legal process involved is complex.
So, for expert FREE phone advice:
• Call our team now on [SALISBURY] 01722 422300, or
• Send us an email via the contact form below.