Woodruff & Co Property Consultants are general practice surveyors and estate agents based in Newcastle City Centre offering a bespoke consultancy service for both the commercial and residential property sectors.

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Leasehold Extension

Woodruff & Co Property Consultants can assist you in extending your lease. Many properties, both flats and houses, are sold on a long leasehold basis initially with terms typically from 99 years up to 999 years. As time goes by the length of the unexpired term of the lease i.e. the number of years left on the lease reduces. As the lease term reduces the value of the property also reduces.

The Leasehold Reform, Housing and Urban Development Act 1993 allows a statutory 90 year extension of your lease on the same terms as your existing lease for the market value of the lease extension required.

Woodruff & Co Property Consultants advise that that once the remaining lease term drops below 80 years the cost of extending your lease rises due to what is called "marriage valueā€¯; this equates to a significant increase in the cost of a lease extension so Woodruff & Co Property Consultants always advise you to extend before your remaining lease term drops below 80 years.

Once the remaining term reduces to around 70 years lenders may not be willing to lend against a property making your property difficult to sell and pushing it's value down.

Woodruff & Co Property Consultants can provide you with an initial opinion of the cost of extending your lease term and advise you on how to proceed.

Should you wish to proceed Woodruff & Co Property Consultants will then obtain all the relevant land registry documents, serve a claim notice on the freeholder, negotiate if required with the freeholder and in the event that the freeholder rejects the claim assist in putting your case to a Leasehold Valuation Tribunal.

For further information and to arrange an initial consultation please contact Alastair Woodruff  at Woodruff & Co Property Consultants.

0191 230 2221

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