If your lease has less than 80 years left it will affect the value of your property in Blackpool, you may also find that mortgage lenders are less keen to lend on short lease properties.
If your lease has 80 years or less left you will need to pay 50% of the property's 'marriage value' on top of the standard lease extension price.
This is the amount of extra value a lease extension would add to your property.
There is a standard method to work out the cost of a lease extension. It gives the landlord compensation for:
- The loss of any ground rent income they would otherwise have benefitted from
- The drop in the value of its interest in the building
- If the lease term is below 80 years remaining, a share of the increase valued gained by the extension
To discuss your leasehold extension click here or call Blackpool 629300 and ask for Faye Harper.