If a property being purchased is Leasehold then the value of the property will fall as the length of the unexpired lease term reduces. As a consequence the saleability/mortgageability of the property will be affected and Lenders will become increasingly reluctant to accept it as a security against which a mortgage can be raised.
Extending the number of years on the lease is undertaken using a process of enfranchisement which is a legal entitlement subject to the Leaseholder being a 'qualifying tenant'. We act for both the Freeholder and Leaseholder in such matters providing valuations and reports as required. In the event that valuations remain subject to dispute representations can be made to the Tribunal responsible for such matters.