Why Extend my lease?
As time goes on, your lease will get shorter and this has an impact on the re sale value of your home/investment. When the term of the lease goes below 70 years, it becomes quite difficult to obtain a mortgage and the value of the property tends to get lower.
However, should you wish to extend your lease, this reverses the process and allows the property to be sold at market value, however, the longer it is left without action, the more expensive thew process may be.
Most leaseholders can indeed extend thier lease. There are a few qualifying criteria that must be met, however, the 2 main one are:
- You must have lived in the property for a minimum of 2 years
- You must own a lease with an original term of at lease 21 years
Your landlord may have already approached you with an offer or you may just be thinking of getting the procedure underway. Either way, why not give us a call to see how we can help. Our in house legal & surveying experts can guide you through the process and inform you of what to expect.
Let us take the strain away, contact us today for a quote