If you are the owner of a leasehold flat, maisonette or apartment, lease extensions will likely already be at the back of your mind. With a growing trend for online Lease Extension Calculator tools, Holmes & Hills residential property solicitors explore if these are truly necessary for the leasehold property owner.
What is a Lease Extension Calculator, and do I need to use one?
A lease extension calculator can provide a general estimate of the cost of the lease extension of a flat. However, this cost will not be definitive, as it does not account for landlord’s costs, stamp duty or any other associated costs. Calculators will also not provide costs for property with under 50 years remaining on the lease.
Holmes & Hills would always recommend that an expert valuation/surveyor advice is sought for a statutory lease extension, to avoid unnecessary costs and furthermore to prevent delay and further cost in extending the lease arising from an issue with the Section 42 notice, a formal notice served to the freeholder. Holmes & Hills lease extension solicitors can provide cost effective, specialist advice on all lease extension related issues.
Lease Extension made easy:
If a lease extension falls below 80 years, this affects the desirability of a property, and will make it near-impossible to re-mortgage. In order to avoid this situation, it is important to renew your lease at the earliest opportunity.
Looking for further information?
If you have questions regarding a lease extension please contact our specialist lease extension lawyer, Keeley Livingstone, on 01376 320456 (Essex) or 01787 275275 (Suffolk).
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