If you have a leasehold property, extension or enfranchisement is a decision you might have to make once the remaining term stands at 83 years remaining or less, as most lenders require at least this term as part of a mortgage advancement.
The Leasehold Reform Housing & Urban Development Act 1993 (as amended) set out the formula used to calculate the amount the leaseholders will have to pay to buy the freehold, known as the premium. This formula is complex and a specialist surveyor would be needed to provide an estimate of the premium to participating leaseholders. Get an estimate
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