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.
We are also an accredited members of the Law Society’s Conveyancing Quality Scheme (CQS), which provides a recognised quality standard for residential conveyancing departments.
For information on legal costs
Please call our property team to obtain a bespoke quotation.