Residential Conveyancing :

WHY SHOULD I EXTEND MY LEASE?  

If you own a leasehold property, then your lease is a wasting asset and the value of your flat will reduce as the term decreases.

The Leasehold Reform Housing and Urban Development Act 1993 (as amended) gives you the right to purchase an extension of 90 years to your existing lease at a peppercorn rent provided that the following criteria are met:

You have owned the flat for the last 2 years

Your original lease was for a term greater than 21 years

Common Reasons to Extend Your Lease  

A short lease may give issues selling or re-mortgaging

If you are purchasing a flat with a short lease you may wish to use the present owners period of ownership to qualify for an immediate extension, without having to wait for the 2 year ownership requirement

IMPORTANT

If your existing lease is approaching 80 years remaining you will have to share the increased value of your flat 50:50 with your landlord. This will significantly increase the costs involved in protecting the value of what is probably your most valuable asset.

If you wish to find out more about extending your lease please call JOHN DOBBIE on 01737 851 827.