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.