If you are a leaseholder, you may have the right to claim an extension of your existing lease of an additional 90 years. The new lease is to be on the same terms as the existing lease, subject to minor modifications and certain statutory exclusions and additions.
Why should I extend my Lease?
The most immediate reason for extending your lease is that a short lease can seriously affect the value of your property. As the length of the unexpired term of the lease decreases, so does its value; therefore waiting to buy an extension can be more expensive in the future.
How do I qualify for a lease extension?
In order to qualify for a lease extension you must:
- Own a ‘long lease’ i.e. a lease which was granted for a term of more than 21 years. Shared ownership leases can only qualify where the tenant’s share is 100%
- Have owned the property for a minimum of 2 years (you need not have lived in the property for this period).
Please contact us should you wish to discuss the extension of your lease in more detail.