Leasehold extension service boosts sale value
- 17th October 2012
- Selling Property News
If you have less than 100 years left to run on your lease it could make financial sense to extend the lease.
ludlowthompson's updated lease extension service aims to help London property sellers with short leases achieve the highest possible sales price.
Stephen Ludlow, Chairman at ludlowthompson, says: "This new extension service gives property sellers the choice to extend their lease at a reasonable, fixed price.
"When it comes to property sales, short leases are often problematic, as when there is less than 80 years left on the lease, mortgages can be difficult to obtain. In addition to this, banks who may lend to potential buyers usually have higher interest rates, which may deter interest in the property."
"The length of the property’s leasehold is not something that many homeowner think about, and it can be a nasty surprise if it turns out to be a problem. We aim to make the process as smooth as possible for customers."
How the ludlowthompson lease extension service can help London leaseholders:
- If a lease has less than 99 years to run, the value of the property may decline. When that reaches 80 years or less, the value diminishes further, and it may prove difficult to sell the property or get a mortgage.
- The longer the leaseholder waits, the more it will cost to extend the lease and the further the property's value is likely to fall.
This new extension service gives property sellers the choice to extend their lease at a reasonable, fixed price.
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