Lease Extension Notting Hill Gate and Kensington & Cheslea
One of the drawbacks of owning a long leasehold interest in Property is that it is a diminishing asset. The less years that remain on the lease, the less valuable it becomes. Because of this, the law gives the leaseholder (Tenant) a right to extend their lease once they have owned it for two years.
The right is to add 90 years to what is left on the existing lease at a “peppercorn rent” (this means no ground rent is payable) . For example ,if the present lease had 70 years left to run the new, extended lease would be for 160 years.
The Landlord is entitled to a premium (the price) for the lease extension and this is based on a formula.
At Oliver Fisher, our specialist Solicitors partner with surveyors who have years of experience in Lease Extension Valuation.
To obtain a quote please contact us now email@example.com or telephone on 0203 219 0145