Conveyancing Executive Natalie Neil looks at Multiple Dwellings Relief for Stamp Duty, discussing when it does and doesn't apply.
A flat with a long lease is a valuable asset. However, as the lease gets shorter, it becomes less valuable. Specifically, when the time remaining on the lease falls below 80 years many mortgage lenders refuse to grant a mortgage on the property and this has a huge detrimental effect on the property value and saleability.
Residential leaseholders have the right to protect the value of their asset by extending their lease or buying the freehold of their building collectively with their neighbours via Enfranchisement.
We have a team of experienced professionals who specialise in helping people facing problems with the lease of their flat. We are happy to offer advice on the law, the procedure and we can put you in contact with a specialist valuer to establish how much your lease extension is likely to cost.
We can help with:
- Extending the lease of an individual flat
- Group applications for lease extensions in a block of flats
- Buying the freehold, known as enfranchisement