When you buy a leasehold property, you have the right to live in that property for however many years remain on its lease. It is always advisable to have a minimum of 80 years remaining – if yours is lower, it could be in your best interests to investigate a lease extension.
Leasehold houses in the UK can run as long as 999 years – or perhaps even longer. But as far as flats or apartments are concerned, a typical lease can last between 99 and 125 years.
If you have less than 80 years remaining on your lease, this could pose the following problems:
- Complications when you come to sell the property, as potential buyers are likely to be put off.
- Complications when it comes to mortgaging/re-mortgaging the property.
- The property is likely to fall in value as the lease grows shorter.
Fortunately, leaseholders in the UK have rights enshrined in English law, and Mander Hadley are able to assist you in:
- Purchasing the freehold interest, or:
- Negotiating a lease extension with your landlord.
Regardless of your situation, a number of criteria will need to be met before a purchase or lease extension can be granted, relating to both the leaseholder and the property itself.
Fortunately, our team can guide you through the process step-by-step, ensure you are fully aware of your rights, and assist in any necessary negotiations with your landlord.
Contact us now and let us take care of your legal needs. You are in safe hands at Mander Hadley.
For more information please consult our Lease extensions Experts: