Many flat-owners fall into the trap of delaying a lease extension until they want to sell, only to discover that buyers cannot get a mortgage unless the lease has already been extended.
With the property market in its present state, now could be the cheapest time to extend your lease. Tony Lilleystone discusses
It may come as a surprise but approaching your freeholder directly to extend your lease could cost you big time!
The first step in any Lease Extension procedure is to get a proper leasehold valuation, there are many lease extension calculators online but these can only provide an estimate.
How do you know what you should be paying your landlord for a Lease Extension ? Or, If you a buying a flat, how do you know how much you should discount your offer on a property with a short lease?
Most on line Lease Extension calculators will require specific information before the calculation can be made. Find out what these are.
If you have a less than eighty years remaining on your lease do not bury your head in the sand. The shorter a lease term becomes, the more costly it is to rectify the problem later with a Lease Extension. There are examples of Lease Extension premiums at least doubling within a few years.
Leasehold owners whose leasehold is due to expire within the next 60 or 70 years should apply to have it extended while property prices remain relatively low throughout the UK. The vast majority leasehold owners have a legal right to extend their leasehold.