There are over 4 million leasehold flats in England and wales and under the Leasehold Reform, Housing and Urban Development Act 1993, most flat owners are entitled to 90 years added to their lease term at a negotiated market price.
When a lease term ticks away close to the 80 year mark, extending a lease can become costly because of a term called 'marriage value'. This is the amount of extra value a lease extension will add to a property, which a leaseholder will pay 50% of, on top of the lease extension price.
Here a Dutton Gregory we specialise in Lease Extension along with Enfranchisement, Right to Manage and Right of First Refusal and can assist you with the legal processes should you be considering either route.
Extending a shorter lease to a decent length can add thousands to your property's marketing value. Generally, the shorter the lease, the lower the asking price.