Leasehold Extension - Valuation
An outline of the valuation principles to determine the price for extending a lease of a flat under the Leasehold Reform Housing and Urban Development Act 1993.
A lease is a right to use the property for a period of time. As a lease gets shorter the value of the lease decreases and it becomes more expensive to extend the lease. This is why it is often a good idea to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease because mortgage lenders may be reluctant to lend money on such properties.
Download a template informal letter enquiring about lease extension of a flat, or to purchase the freehold of a house or flat
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:
- Lease Extension – Getting Started
- More Frequently Asked Questions on Lease Extension
- Lease Extension Calculator
Still not found the answer?
Contact LEASE to have your enquiry dealt with by one of our experienced advisers