Can you just leave things as they are? You can if you wish, but they will invariably get worse.
The shorter a lease term becomes, the more costly it is to rectify the problem later with a lease extension . We have heard of examples of lease extension costs at least doubling within a few years, particularly where lease lengths have slipped below the critical 80-year level. By completing a lease extension or acquiring the freehold and making subsequent lease or management changes, the saleability and value of the property will be enhanced.
It is usually as a flat owner comes to sell when realisation dawns that the lease term has slipped by alarmingly quickly. Hasty lease extension opinions are sought, sums scribbled on the back of an envelope, and enquiries made to the landlord as to what he would take for a lease extension – often met with outrageous demands as the pound signs flash before the landlord’s eyes.
Please also note that a short lease may also become a problem should you need to remortgage your property.