Avoid root canal treatment — Extend your lease

I went to the dentist last week with a slight pain in one of the bigger teeth in the back of my mouth. I have since learned it is my upper right second molar, I think. I sat comfortably into my dentist’s chair readying myself for torture when I made the inane observation that it had been two years since I had seen him last, he corrected me, it had been four years…

It transpired that the slight pain became a huge pain and I am booked in for the first of five root canal treatments next week — yippee! A curious thing is that the initial slight pain in my tooth turned into severe pain and travelled up to my jaw ending with excruciating pain in my wallet — which takes me to lease extensions.

A lot of you will know that if you own a flat, you can extend the lease by 90 years. A lot of you will already have decided that you will extend your lease at some point. But I know from my experience with hundreds of clients that you are putting this exercise off. You’re putting it off like a trip to the dentist. Let me warn you (not scare you) that if you leave it too long — you might be putting yourself through a lot more unnecessary financial pain than five root canal procedures.

A broad rule of thumb is that if your lease has less than 100 years remaining, you should think of extending the term by 90 years. The shorter the lease, the more expensive the cost to extend the lease will be. A fact is that if you wait until your lease has less than 80 years to run, the cost will be prohibitively more expensive with the addition of ‘marriage value’ to the calculation. You do not want to wait until you are selling a flat to realise you need to extend the lease. You want the extension sorted out before you go to market.

So our advice is this. Do not delay checking your lease and do not delay picking up the phone for a routine, no-fee check-up with Tom at Olden Property. The sooner you call, the greater your chance of avoiding root canal treatment.

Olden Property are experts in the field of lease extension valuation and negotiations. Having worked throughout the southeast and greater London for over a decade we have undertaken over 1,000 valuations for lease extension purposes and successfully completed all negotiations on their behalf. Olden Property has a full understanding of the relevant case and statute law needed to advise our clients effectively in this complex area of valuation. We can ensure you get the best deal possible in your negotiations with the freeholder or leaseholder.

Olden Property are experts in the field of lease extension valuation and negotiations. Having worked throughout the southeast and greater London for over a decade we have undertaken over 1,000 valuations for lease extension purposes and successfully completed all negotiations on their behalf. Olden Property has a full understanding of the relevant case and statute law needed to advise our clients effectively in this complex area of valuation. We can ensure you get the best deal possible in your negotiations with the freeholder or leaseholder.

We hope some of the information above is useful. Please get in touch if you or your clients have any questions around the subject of lease extension process, valuations and negotiation. A free 30 minute phone call with Tom will answer any questions you may have.