Our specialist solicitors frequently help leaseholders to extend the lease on their flat or house.
Advice for leaseholders:
When should you extend your lease?
When your lease gets to below 90 years you should start to think about extending it. This is because your lease is a diminishing asset – it becomes less valuable as your lease runs out. When you have less than 60, or sometimes 70, years left on your lease it may become very difficult to get a mortgage on your property. This may mean it may be more difficult to sell your property.
However, if you wait until you only have 70 years left on your lease it will be more expensive to extend it than if you were to do so at 80 years or more.
How can you extend your lease as a leaseholder?
You have a legal right (provided by the 1993 Leasehold Reform Act) to legally request to extend your lease for an extra 90 years if you meet the criteria. The legal request is made to your landlord. To make the request you should speak to a Solicitor, who can draft the documents and guide you through the process.
In some cases, your landlord may contact you with an offer to extend your lease. We would advise that you always speak to a Solicitor before accepting this offer.
If you want to extend your lease please contact our specialist lease extension solicitors today on 01244 312306. Our experienced team can help leaseholders with the lease extension process.
Contact us today:
For the best leasehold advice please contact one of our specialist solicitors today on 01244 312306, or fill in our contact form here.
Call and speak to a member of our team on 01244 312306