The value of a lease goes down as the years go down. In general is best to extend the lease before it reaches 80 years or below because some lenders require a certain number of years before they are prepared to lend.
When a lease drops below 80 years the premium to extend the lease increases because marriage value becomes payable. Marriage value is the increase in the value of the flat arising from the grant of the new lease.
Lease extension can be a difficult process. We recommend you get professional help from a solicitor and surveyor with experience in this area.
More information you might find useful:
- Valuation for Leasehold Extension
- Lease Extension Calculator
- More Frequently Asked Questions on Lease Extension
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