Extending a lease
Flats and apartments (and some houses) are usually built and sold on a leasehold basis, so that ownership only lasts for a certain number of years – as opposed to freehold ownership, which lasts indefinitely.
The shorter a lease becomes, the more difficulties that can arise in a sale of that property. If a lease falls below 80 years, the costs of extending the lease can become disproportionately high. Some lenders may refuse to loan a mortgage for the property, and you could find yourself having to the sell the property for a lot less than you anticipated.
It is important to consider the advantages of extending the term of a lease sooner rather than later, and our property law team can advise you on your particular circumstances.
For information on legal costs
Please call our property team to obtain a bespoke quotation.