What is Leasehold Property 'Marriage Value' – and why does it matter?

If you own a leasehold property, you may have heard the term Marriage Value when considering a lease extension.

Marriage Value is the increase in a property's value that can result from extending a short lease. Under the previous rules, where a lease had less than 80 years remaining, a leaseholder was generally required to pay 50% of this increase in value to the freeholder as part of the premium for a lease extension.

The Leasehold and Freehold Reform Act 2024 is intended to abolish Marriage Value as part of wider leasehold reforms. While these changes are being implemented, the length of a lease remains an important consideration for buyers and leaseholders.

Whether you are buying, selling or extending a leasehold property, understanding the remaining lease term can help you make informed decisions.

At Owen Kenny Solicitors, we work closely with our clients to manage expectations and guide them through each stage of the conveyancing process.

Find out more about how we can help: https://www.owenkenny.com/residential-conveyancing

#Conveyancing #BuyingAndSelling #PropertySale #SellingYourHome #PropertyLaw