Extending a lease on your property
If you own a leasehold flat, you need to keep a close eye on the number of years remaining on the lease. If you let it go too low, it may become difficult to sell your property.
If the remaining term of the lease has dropped below 90 years, it is worth considering a leasehold extension.
If a Lease isn’t extended, as it can be more difficult to obtain a mortgage on properties with leases shorter than 90 years, restricting your potential buyers to cash buyers only.
Can I extend my lease?
As a leaseholder, the law gives you the right to extend a lease if:
- the original lease was granted for over 21 years,
- the lease is for residential use and
- you have owned the flat for a minimum of 2 years. (You do not have to have been in occupation during these 2 years of ownership.)
How do I extend my lease?
You should seek advice from a solicitor at the outset in relation to process and price.
If you are planning to sell soon – act now as It is best to sort out the extension in advance of putting your property on the market.
Please do get in touch via info@ssandp.com or 01444 246 377 to make an enquiry.