Lease Extensions
If you have a lease that is under 80vyears you will probably br thinking that you should be making enquiries about getting your lease extended. If you have a reasonable landlord then you probably won;t have a problem getting your lease extended for a reasonable amount of money. Many leaseholders are able to agree a premium for a lease extension with their freeholders and a lease extension can be a very straight forward matter. If on the other hand you are unable to agree a fair price for the lease extension you need to be prepared to go through the tribunals procedure.
Leasehold Valuation Tribunal
When a lessee is unable to agree a premium for their lease extension they must go to the Leasehold Valuation Tribunal. The LVT is made up of a panel of experts who will look at the case and decide on what the premium for the lease extension is going to be. They will also set the ground rent that will become payable with the granting of the new lease. The court will consider evidence that is presented from all parties before making its decision and will normally make their decision on the day of the hearing. If you bring the case against the freeholder you will have to pay the costs for both parties so this needs to be considered before going down this path.
Ground Rent Buyers
Call us with details of your ground rents for sale and we will do the rest. We have cash funds available for ground rent portfolios of any size. We buy individual units as well as recently built schemes across Britain. We look forward to hearing from you.
