If you have a leasehold property, extension or purchasing the freehold is a decision you might want to make to increase the value of your property or 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) sets out the formula used to calculate the cost of freehold purchase or the amount the leaseholders will have to pay to extend the term, known as the premium. This formula is complex and a specialist surveyor would be needed to provide an estimate of the cost of purchase or premium to participating leaseholders.
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