Most owners of leasehold property are aware that the value of their property depends on the number of years remaining on their Lease. With each year that passes the value of the Lease decreases slightly and the property becomes harder to sell where only a short lease is available.
If you own a leasehold property you need to keep the term of the lease under constant review as leases of less than 80 years remaining are typically harder to sell and many mortgage providers will not lend on property with less than 70 years remaining.
There are a number of ways in which you can extend a lease and each have their own qualifying criteria. To discuss whether you are able to extend your lease you should speak to one of our legal advisors who will be able to discuss the process with you and advice you on what you should do.
Please note that you will have to pay a sum ("a premium") to extend the lease and will also be responsible for your Landlord's legal costs in addition to your own.
To find out more or discuss your individual requirements in further detail, our Conveyancing experts will be delighted to help. Contact us today on 01603 693500 or email us using the 'Make an enquiry' form.