The Government has announced proposals to cut ground rents to help homeowners in leasehold properties. Housing Secretary Michael Gove has launched a consultation that will set out options including capping ground rents at a so called “peppercorn” rate for existing leaseholders, freezing ground rents at current levels and capping the ground rents at a percentage
The title to nearly all flats and some houses are leaseholds. This means that a property is let for a fixed number of years, normally 99 or 125 years.
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Generally, the lease is not extended when the property is bought or sold.
Unfortunately, once the lease has fewer than 90 years to run, it becomes harder to sell a leasehold property because many mortgage lenders have minimum lease terms.
Lease Extension Solicitors for Leaseholders
The solution is to extend the lease. We can advise you on the best way to approach the lease extension.
- Once terms have been agreed, we will:
- Advise you on the new terms of the lease;
- Liaise with your mortgage lender to ensure their requirements are met.
- Assist with the completion of the new lease
- Register the new lease at the Land Registry