What is a lease?
A lease allows you to use the property for a set period of time. You do not own the property outright.
Why should I extend my lease?
As your lease gets shorter your property may drop in value.
Most mortgage lenders do not offer loans on properties with a short lease so you would be limited to cash buyers as a result you may find it difficult to sell your property. That is why it is a good idea to extend the terms of your lease where possible.
How long is my lease?
Leaseholds of between 99 and 999 years were the norm on older properties. However, for modern properties an initial lease period of 125 years is more common.
If you are unsure of the remaining length of your lease, you can contact the Land Registry to request this information or ask your solicitor to do this on your behalf.
How do I extend the lease of my property?
You will need to negotiate the extension of your lease with your landlord. However, under The Leasehold Reform Housing and Urban Development Act 1993 you may qualify for the right to extend your lease by up to 50 years for houses and up to 90 years for flats.
Ask your solicitor to explain the implications and costs of extending your lease.