If you take any property in London from a freehold property owner then you must know about the lease extension. Lease extension is considered relevant to especially those only who take the property from any freeholder. If your lease extension is about to collapse or there are only a few years left then it is important for you to extend your lease. Lease extension in London can not only increase your possession over the property, but it can also increase the market value of the property.
What are the advantages of less extension?
When negotiating with the lease always ask for a lease extension of above 90 years so that you can get the best value of property. Longer lease will be beneficial for you when you need to take mortgage. It is always difficult to get a mortgage when the lease of the house is less as Mortgage Company always thinks that the value of the property will always decline, so they wouldn’t consider it as a very good security. Not only mortgage but you also find difficulty to sell the property whose lease is about to expire.
One of the best advantages of having a lease of at least 90 years is that you can also get rid of the ground rent. It is also important for you to learn that when the lease time decreases then the renewal amount of the lease gets very high. That’s why, having a lease extension can cause a huge worth. But you can avoid this situation if you act quickly and get an extension when there are only 80 years left in lease.
Article written by www.leaseextend.co.uk