THE WESTCOLT SURVEYORS TEAM HAS MANY YEARS EXPERIENCE ASSISTING AND ADVISING CLIENTS THROUGH ALL ASPECTS AND AREAS OF LEASEHOLD ENFRANCHISEMENT ACROSS THE CAPITAL. OUR LONDON-BASED CLIENTS RECEIVE A COMPREHENSIVE AND CUSTOM-TAILORED SERVICE TO SUIT THEIR SPECIFIC NEEDS AND REQUIREMENTS.
Westcolt Surveyors can provide the following residential leasehold services:
- Valuations of leasehold and freehold properties
- Advising leaseholders of flats on their rights and abilities to extend residential leases
- Advising leaseholders of flats as to whether they can collectively acquire a freehold interest in regards to their building
- Advising leaseholders of residential houses on their ability to extend their lease
- Advising leaseholders of residential houses on their ability to buy their freehold
- Advice to freeholders in regards to leaseholders’ enquiries to extend leases or buy the freehold
- Absent landlord valuations and reports
- Advice to commercial and residential freeholders on how to achieve optimum results from ground investments
- Liaising with solicitors
- Preparation of evidence and attendance at the First Tier Tribunal for freeholders and leaseholders (should there be any dispute)
- Negotiating settlements
LEASE EXTENSIONS – FAQS
How do I know if I quality for a lease extension for my flat?
You should qualify for a lease extension on your property if the lease was for longer than 21 years when it was initially issued, and you must have been the registered owner of the flat for over 2 years. Exceptions to qualifying under these circumstances would be if your freeholder is the Crown or the National Trust, if you are in a cathedral precinct, or if you have shared ownership.
What are the benefits of extending the lease on my property?
Extending your lease will undoubtedly increase your property value, and purchasers will always favour a longer lease. The longer you wait to extend your lease, the chances are the pricier it will be! Mortgage providers also show reluctance to lend when a lease is less than 70 years’ unexpired. A lease extension is a sensible course of action because :
· Short leases (under 85 years) are hard to sell
· Short leases (under 85 years) are worth less and are harder to mortgage or remortgage
· Leases are a wasting asset… when they run out they are worthless!
· A lease extension protects your asset against erosion by time and safeguards your investment
· An extended lease is usually at nil (a peppercorn) ground rent
· The longer you leave it the more expensive a lease extension becomes, increased costs rising year on year
· If a lease slips below 80 years “marriage value” makes it even more expensive to extend
· A lease extension protects your asset against erosion and protects your heirs/inheritors
What happens when my lease runs out?
Don’t worry, contrary to what some might say, an expired lease does not mean you will have to evict the property, and if no steps have been taken to end your tenancy by either you or your landlord, then things will continue as normal until you receive a notice from the landlord. The landlord might send a prescribed notice proposing a periodic tenancy, where you would be required to pay an assured monthly rent premium.
How does my lease end?
Once your tenancy has run out, the lease can end if you, the tenant, surrenders the tenancy at your discretion, or if the landlord serves a notice to you in order to regain possession of the property. In more serious circumstances, the landlord may obtain a court order to gain possession of the property.
THE WESTCOLT PROPERTY SEARCH
Westcolt Surveyor Services - London
Development & Planning
Across London, the Westcolt Surveyors Development team deals with both the acquisition and disposal of development sites, acting on behalf or a broad range of clients.
The team at Westcolt Surveyors in London, have many years experience in assisting and advising clients through all aspects and areas of leasehold enfranchisement across the London area.
Our talented, specialist commercial team at Westcolt Surveyors boast over 60 years combined experience covering a broad range of London’s market.
Building & Maintenance
Our team’s many years of experience in building and maintenance services in London allows us to expertly understand what is required to protect and restore your property.
In London, rental properties remain a solid investment opportunity for landlords, so you will be pleased to know that residential lettings and handling buy-to-let properties is a service that we can offer.
Every client is different, and will need a professional structured plan and advice custom-tailored to fit their exact needs and requirements – there is no “one size fits all” approach at Westcolt Surveyors.
Westcolt Surveyors provide fair and accurate property valuations advice across the board, including; finance reporting, loan security, auctions, property management, lettings and litigation support.
There is often a broad range of properties on offer at auction across both residential and commercial sectors, especially in the London areas that we cover at Westcolt Surveyors.
Are you looking at appointing a London block management company? Our Block Management team has 60 years combined experience offering bespoke and personalised consultancy and management services.