Lease Extension

Kris Foster MRICS, Director of Motis Estates is a RICS Registered Valuer and specialises in Lease Extensions for both Landlords and Tenants in the Folkestone, Hythe, Ashford, Dover and Canterbury areas. He can also advise on Collective Enfranchisement and Buying the Freehold.

Folkestone leases on residential properties will lose value over time. When your lease has approximately 90 years left, you should start considering the need for a lease extension. When the unexpired term of a lease is under 80 years, then there is an extra cost called marriage value. There are a number of points required to qualify for a lease extension; however it’s a good idea to check with a lawyer to check if you qualify or obtain advice here - https://www.gov.uk/leasehold-property/extending-changing-or-ending-a-lease. There are prescribed deadlines and procedures to comply with once the process has started therefore we recommend you are guided by a conveyancing solicitor during the process.

Most banks have narrowed their lending criteria in recent years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against property with shorter lease terms, particularly under 75 years.

To proceed with a formal valuation, we will need a copy of your lease and any correspondence you may have had with the other party: Our role will be to:

  • Provide the “best and worst” case valuation, in order to advise you the possible outcome of the negotiations
  • Advise on the amount of the offer to be made in the Notice
  • Respond to the Counter-Notice
  • Negotiation and settlement of the price and other terms of the lease

If you would like free, impartial advice from a local Chartered Surveyor in Folkestone regarding your residential lease, please do not hesitate to contact Kris Foster MRICS on 01303 212020.

 

 

 

 

 

 

 

 

 

Property Valuations

At Motis Estates, we can either assist with an appraisal at your property with one of our experienced team members or alternatively if you wish for an accurate instant valuation, Our Instant Valuation Tool utilises data from the Land Registry and market trends to provide a valuation for either sales or lettings.

Quality Marketing

It is felt that your property particulars are one of the most important aspects of the property therefore at Motis Estates, we use professional photography to maximise the potential of your property. We also have the ability to arrange bespoke brochures from the Guild of Property Professionals.

Financial Advice

Before you decide to sell or let you property, we advise Clients to discuss their financial requirements with Denham Associates who are based within Motis Business Centre. Denham Associates can assist with both residential and commercial mortgages and income and life protection schemes. Like Motis Estates, their core values centre around honesty, integrity and trust.

Assistance

When it comes to moving home, you need professionals who are trained and trustworthy, with in-depth local knowledge and the technology and connections to market your property. Buying a new home is an exciting time, but there’s always a lot to think about. Whether you’re a first-time buyer, or just need some property buying advice, our property guides are designed to help you through the whole process.

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